TransNamib, Botswana Railways MoU on Gobabis Container Terminal
TransNamib Holdings Ltd, and Botswana Railways (BR) recently signed a Memorandum of Understanding (MoU) in Gaborone, Botswana, which will culminate in the development and operation of a container terminal in Gobabis.The MoU, signed by TransNamib CEO, Johny Smith, and his Motswana counterpart, Leonard Musa Makwinja, signals the beginning of a fruitful and beneficial relationship to develop and enhance trade between the two countries. The MoU was .“The future of railways offers many opportunities”, said.
Port of East London to Expand its Petroleum Footprint
More than 100 attendees representing 97 companies have shown keen interest in the Port of East London’s plans to recommission an existing tank in the port for handling of liquid bulk and to introduce a liquid bulk terminal through a 25-year port concession awarded to a private, empowered entity.The companies attended a compulsory briefing on May 9, 2018 held by Transnet National Ports Authority (TNPA). TNPA recently advertised a request for proposals (RFP) – reference number TNPA 2017/01/013/CM – with the intention to appoint a terminal operator to finance…
Thompson takes over from Founder Heavey, Tullow Oil
Tullow Oil plc (Tullow) announced the appointment of Dorothy Thompson as independent non-executive Director and Chair-designate of Tullow with effect from the conclusion of the Group’s Annual General Meeting (AGM) on 25 April 2018. It is anticipated Thompson will succeed Aidan Heavey, Tullow’s current Chairman and Founder, as Chair at the conclusion of the Board meeting scheduled for 20 July 2018. Aidan will retire from the Board at the same time. Thompson (57) brings extensive experience to Tullow having served for 12 years as CEO of Drax Group plc…
Guyana Government Goes with ExxonMobil
Guyana's Minister of Natural Resources, Raphael Trotman said while there is no perfect contract, the government is comfortable with the terms and conditions spelt out in the Stabroek Petroleum agreement between itself and ExxonMobil and prefers a long-term, stable relationship with one exploration company rather than several. “We recognised that we had with us a company that had made a discovery, had a binding contract with the government and people of Guyana which had been signed in 1999…
Glencore Sees Record Oil Trading Volumes as Margins Shrink
Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London-listed commodities trader and miner will shift around 6 million barrels per day (bpd) of crude and refined product this year, up 25 percent from last year. The figure represents around 6 percent of global supply and only rival Vitol trades more oil, at some 7 million bpd.
WTO Receives 50th Ratification of TFA
The WTO received the 50th ratification of the Trade Facilitation Agreement (TFA) after the former Yugoslav Republic of Macedonia deposited its instrument of acceptance on 19 October. Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.