Morning Biz News – 12 February 2025

Strengthening Namibia’s Oil & Gas Sector

The Petroleum Training and Education Fund (Petrofund) and Single Buoy Moorings Offshore (SBM Offshore) have signed a memorandum of understanding to enhance capacity building in Namibia’s oil and gas sector. This collaboration underscores their commitment to developing a skilled workforce capable of excelling in the upstream petroleum industry. The agreement aims to provide specialized training and knowledge transfer to ensure Namibians benefit from the country’s expanding energy sector.

Impala Platinum Faces Profit Decline

Impala Platinum has forecasted a decline in its half-year profit by as much as 49% due to persistent low metal prices. According to CNBC Africa, the South African mining giant expects headline earnings of between 1.65 billion and 1.95 billion rand for the six months ending December 2024, a significant drop from the 3.26 billion rand recorded previously. The company attributes the downturn to market volatility and weaker demand for platinum group metals.

Nigeria Seeks Energy Partnership with India

Nigeria is looking to collaborate with India to accelerate its energy transition plans, a senior government official revealed to Reuters. In addition to securing funding, Nigeria is seeking technical assistance from India to implement its green energy initiatives. Speaking on the sidelines of the India Energy Week, Taraba State Governor Agbu Kefas emphasized the importance of international cooperation in achieving Nigeria’s sustainable energy goals.

EU Vows Retaliation Against U.S. Tariffs

European Commission President Ursula von der Leyen has pledged to respond firmly to former U.S. President Donald Trump’s decision to impose tariffs on steel and aluminum imports. German Chancellor Olaf Scholz echoed her sentiments, emphasizing that the European Union would stand united in defending its economic interests as the world’s largest trading bloc. The EU is expected to announce countermeasures in the coming weeks.

Financial Indicators

• Namibia Dollar: 18.50 to the US dollar, 19.17 to the Euro, and 23.01 to the British Pound.
• Gold: Trading at $2,894.74 per fine ounce.
• Brent Crude: $75.87 per barrel.
• Bitcoin: Valued at $1,775,996.57 per unit.

Stay tuned for more updates on business and financial news.