Luba Freeport adopts Sage ERP X3 through Synergy Group for improved efficiencies

February 27th , 2014 → 7:22 am @

Posted by www.equatorialguineaonline.com – February 27th, 2014

Synergy Group, a provider of complete business solutions and a solution provider to Sage ERP Africa, has been appointed by Luba Freeport, a joint venture between Lonrho and GE Petrol, the national oil company of Equatorial Guinea to manage the implementation of their Sage ERP X3 solution.

Sage ERP X3 provides the perfect fit for Luba Freeport, a deep-water gateway and logistics hub to West Africa. “We decided to implement Sage ERP X3 to improve efficiency and internal controls, particularly between the financial and operations department,” says Nick Hollowell, CFO of Luba Freeport.

Luba Freeport provides a strategic natural sheltered environment for the burgeoning oil and gas industries in the Gulf of Guinea. The port provides a range of services from accommodation and catering to the supply of oil industry chemicals, fuel and water. It is a ‘one-stop shop’ facility with vessels coming to the quay to refuel and load bulk chemicals, water and any other cargo without the need to change berths. This speeds up turnaround times, making port calls more efficient and more economical for both clients and shipping lines.

Hollowell continues: “Our current system was one-dimensional and only managed the financial aspects of the business. By selecting Sage ERP X3, we will have a combined solution that manages both the operations of the port as well as the financials in one online system. The new software will automate our existing processes resulting in better efficiency and accuracy. Sage Intelligence reporting, forming part of the Sage ERP X3 product, provides us with the opportunity to electronically measure operational activity and financial performance at the port, replacing the manual creation of KPI (key performance indicator) reports. The result is that information is now more accurate and reports are created much faster.

“Sage ERP X3 provides Luba Freeport with a customised solution, which is able to run all aspects of the business from port operations, to stock control and management of the financial system. The implementation will be done without requiring any specific additional software development,” says Ashley Regenass, CEO of the Synergy Group.

 

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A thorough situational analysis was completed and the most suitable approach was mapped to fully integrate Sage ERP X3 into Luba Freeport with the least amount of interruption as from June 2014. “Even though essential business processes will not change dramatically, the users will have to get used to the new system and its processes. As a result, progressive change management will be implemented until users are completely familiarised with the system and our team will be on site for user acceptance testing, user training and final data conversion,” says Regenass.

 

“Companies such as Luba Freeport have to strike a careful balance on a daily basis. They have to meet the demands of their customers and maintain high levels of satisfaction while keeping down costs. Sage ERP X3 is the perfect solution because it integrates data into all the systems, and in the end creates a powerful planning engine,” says Keith Fenner, Vice-President of Sales for Sage ERP Africa and Head of Sage Middle East.

Hollowell concludes: “Luba Freeport, being the gateway to West Africa, continuously needs to improve efficiencies in all departments and we now have an ERP system that will definitely support us in aligning all processes, providing us access to quality data at all times.”

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Ghana, Nigeria, Equatorial Guinea & Cote d’Ivoire agree to creation of a Sub-Regional Gas Company

February 11th , 2014 → 8:00 am @

Posted by www.equatorialguineaonline.com – February 11th, 2014

Ghana, Nigeria, Equatorial Guinea and Cote d’Ivoire have agreed to set up a Sub-Regional Gas Company to harness the potentials and deepen cooperation in the Energy Sector.

 

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Equatorial Guinea commits to a co-investment fund of 500 billion FR CFA (eq. US $1 billion) to fuel the country’s economic diversification

February 3rd , 2014 → 6:15 am @

posted by www.equatorialguineaonline.com – February 3rd, 2014

Equatorial Guinea commits to a co-investment fund of 500 billion FR CFA (eq. US $1 billion) to fuel the country’s economic diversification

MALABO, Equatorial Guinea, February 3, 2014/African Press Organization (APO)/ – At the opening of “Emerging Equatorial Guinea” (http://www.emergingeg.com), the 2 days Symposium on the country economic diversification, the Equatoguinean government announced that it has committed to support foreign investments by allocating a Co-Investment Fund (CIF) of 500 Billion Francs CFA (eq. US $1 Billion).

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/eeg.png

“This Co-Investment Fund allocation testifies of the country’s commitment to lay the bases for economic diversification to ensure sustainable growth and to create more jobs in our country. We have been blessed by an incredible oil wealth, which we aim to use to build the foundations of an emerging country, via a strong plan for economic diversification and industrialization plan”, explains Marcelino Owono Edu, Equatorial Guinea’s Minister of Finance and Budgets.

In front of an assembly of over 700 entrepreneurs, investors and analysts, scholars and development agencies representatives, gathered for the occasion, the Equatoguinean Ministry of finance indicated that the fund aims at fuelling the state’s overall strategy to diversify the economy beyond oil and gas, on which its recent growth has been relying upon, to ensure a more balanced economic system, less vulnerable to global shifts in oil supply and demand.

During the next 3 years, the fund will support the country’s development around key economic sectors which have been identified for industrial development together with the international private sector: agriculture and animal ranching, fisheries, petrochemicals and mining, tourism and financial markets.

AGRICULTURE & RANCHING

Over 100,000 hectares of available arable land; warm climate with high value tropical plant species; timber industry, following example of Gabon

FISHING

Extensive EEZ and territorial waters packed with commercially valuable marine species

PETROCHEMICALS & MINING

Leading petroleum producer in the CEMAC region, with opportunities to further develop untapped oil and natural gas fields; geographical positioning and a deep-water port

TOURISM

Unspoiled land and marine-scapes, high quality existing infrastructure, favorable climate, and consistent political stability

FINANCIAL SERVICES

Political will to establish a friendly environment and encourage the growth of financial services and offer broad range of products and instruments to a range of international clients.

The Co-Investment Fund (CIF) has been affected over the next three years according to best growth potential reservoirs.

Download the table ‘STRATEGICAL SECTORS – CAPITAL SPENDING BREAKDOWN FOR 2014-2016′http://www.photos.apo-opa.com/plog-content/images/apo/photos/tableau.png

With the Co-Investment Fund announcement, the Emerging Equatorial Guinea Symposium ignites the investment boom. It will take the form of the signing of concrete Memorandums of Understanding between global companies and local counterparties during the 2 days forum, as the event follows the whole investment process.

 

Under The High Authority of H.E. President Obiang Nguema Mbasogo

of the Republic of Equatorial Guinea.

Distributed by APO (African Press Organization) on behalf of Emerging Equatorial Guinea.

For any information or interview request, please contact the event press office:

Wellcom Agency Coraline Bardinat on eeg@wellcom.fr

Tel: +33 (0)1 46 34 60 60

About the EEG forum

Located in Malabo, February 3-4 2014, the forum convenes representatives of business and investment groups from the national, regional and international communities. This aims at offering the most valuable opportunity for international investors to learn about Equatorial Guinea’s potential and strategize directly with government officials.

http://www.emergingeg.com/en/program

SOURCE

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Republic of Equatorial Guinea President arrives

January 23rd , 2014 → 6:48 am @

Posted on 1/23/14 – Equatorial Guinea Online

AT exactly 3:45pm yesterday, the President of the Republic of Equatorial Guinea Teodoro Obiang Nguema Mbasogo who was in the company of his wife jetted into the country aboard his Boeing 707.
Present at the Matsapha International Airport to meet the president and his delegation was the Prime Minister Sibusiso Dlamini, Deputy Prime Minister Paul Dlamini and almost the entire cabinet.
The president of the Republic of Equatorial Guinea came with a  delegation of over 50 people, including investors who came into the country to look for business opportunities, aboard two separate jets.
The media was initially turned back from the airport as it was stated that orders were that no pictures be captured of the president’s visit to Swaziland.
A protocol officer only referred to as Shongwe approached journalists who were taking pictures of those present at the airport and informed them to stop at once.
“I have been instructed to tell you that you aren’t allowed to take pictures of this private visit so please delete what you have,” Shongwe warned.
As he addressed the journalists, more than 12 police officers came threateningly and surrounded the group of perplexed journalists and closely monitored the situation.  Shongwe later retracted his statement and stated that his superiors had changed their minds, allowing media houses to report on the visit.

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Equatorial Guinea, one of the best economies in the world in 2013

January 13th , 2014 → 5:01 pm @

posted by www.equatorialguineaonline.com – January 13th, 2014

The IMF article is entitled, “The best economies in the world in 2013,” and Equatorial Guinea has earned the top spot in the section “largest increase in investment.” The estimate of total investment to GDP ratio rises to 61.3%, which ranks the country as the highest percentage of GDP devoted to investment, in line with the Government’s objectives in order to comply with the Horizon 2020 Plan.

As indicated by H.E. Obiang Nguema Mbasogo in his speech of the end of the year, “the socio-economic reality should be a reflection point, compared to the colonial and dictatorial past. Our biggest concern right now is to advise the people of Equatorial Guinea to act jointly as one, to support the economic development program Horizon 2020, assuming their role as an engine of development of our country.”

In view of 2014, as was stated by the Governor of the Bank of Central African States (BEAC) and Statutory President of the Monetary Policy Committee, Lucas Abaga Nchama, the prospects will be characterized by an improvement in the sub-regional economic conditions, thanks to the increased production of oil and non-oil sector activities.

Based on the data available in the monetary institution directed by Abaga Nchama, the economic growth will increase to 5.3% in 2014, compared to 2.6% of 2013, which is a very positive development for the economy of Guinea Equatorial.

In the other variables considered in the IMF study, Brunei is the country with the lowest public debt (2.4%), South Sudan with the fastest growth (24.7%), the United States is the largest economy (16,700 trillion dollars) and Luxembourg has the higher per capita income (110,573 dollars).

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Official launch of the Symposium on Economic Diversification in Equatorial Guinea

January 13th , 2014 → 4:59 pm @

posted by www.equatorialguineaonline.com – January 13th, 2014

Marcelino Owono Edu, the Minister of Finance and Budgets, directed the presentation on the evening of Thursday, January 9, of the Symposium for Economic Diversification for the Emergence of Equatorial Guinea, with a view to the Horizon 2020, in a ceremony that took place in the new headquarters of this department.

The symposium, which is sponsored by the President of the Republic, H.E. Obiang Nguema Mbasogo, has as the main objective to present and inform the national and international sector on investment opportunities offered by Equatorial Guinea in the different strategic non-oil economic sectors. Among other things, it will also provide information about the obstacles that investors may find, as well as the resources to create a more attractive business climate.

During the official launch ceremony, Owono Edu said that the meeting will be of high importance because it will set the course of economic and social development of our country. During his speech he also recalled that in November 2007 the Government adopted the National Plan for Social Development, called Horizon 2020, whose first phase was executed between 2007 and 2012, with the construction of basic economic infrastructures, which allow for the creation of a business climate and promote the development of the national private sector.

The Minister also referred to the second stage of the National Development Plan, which runs from 2013 to 2020, a period referred to as the “emergence phase”, which is precisely dedicated to achieve diversification of the economy, this way obtaining new sources of growth to reduce dependence of the national economy related to the hydrocarbon sector. Economic diversification -he said- will ensure long-term socio-economic growth, and ensure job creation.

The Symposium on Economic Diversification of the Emergence of Equatorial Guinea, with a view to Horizon 2020, will be an opportunity for investors to explore and discover the immense opportunities in our country and to deal directly with the political and technical representatives on the pillars of the economy, primarily agriculture, livestock, fisheries, petrochemical, mining, tourism and financial services.

 

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Central African Countries” Economy to Grow in 2014

January 10th , 2014 → 6:15 am @

posted by www.equatorialguineaonline.com – January 10th, 2014

 

Malabo, Jan 9 (Prensa Latina) The economic growth of the Central African Economic and Monetary Community (CEMAC) will reach 5.3 percent in 2014 in comparison to the 2.6 percent registered in 2013.

The announcement was recently issued by Governor of the Bank of Central African States (BEAC) and Statutory President of Monetary Policy Committee (MPC), Lucas Abaga Nchama, during the fourth meeting held in Douala, Cameroon’s economic capital.

When quoting the official, the Equatorial Guinea’s Press and Information Office noted the evolution of the world’s economy in the fourth quarter of 2013, as well as economic, monetary and financial estimates of CEMAC were taken into account for issuing that prediction.

According to the source, Abaga Nchama told the representatives of Equatorial Guinea, Cameroon, Gabon, Congo, Chad and the Central African Republic that 2014 will be characterized by an improvement in sub-regional economic conditions.

Abaga Nchama underlined the progress will be possible thanks to the increase in the production of fuel and the activities of the non-oil sector.

 

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Punto Azul launches Malabo-Accra flights

January 9th , 2014 → 6:09 am @

Posted by www.equatorialguineaonline.com – January 9th, 2014

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MALABO, Equatorial Guinea – Punto Azul, today announced the launch of direct flights linking Equatorial Guinea’s capital Malabo to Accra, Ghana. While making the announcement during a televised interview Punto Azul Managing Director, Mr. Paul Richards stated that the two weekly flights would be formally launched on January 15, 2014. During the same interview he confirmed Ghana becomes the second regional destination for the airline.

“Since the launch of our operations last year, we have sufficiently served the domestic market with the right product, the addition of Accra to our regional destinations marks the first regional route this year with others to follow”, said Mr. Richards.

“We are very grateful for the efficient, professional and cordial treatment shown by the Ghana Civil Aviation Authority in paving the way for our flights to Ghana”, added Mr. Richards. He further added that Malabo Accra flights would start off with two weekly frequencies operated every Tuesday and Saturday. The launch flight is expected to take to Accra leading government officials, travel agents, businessmen and the media.

Also present at the interview on Guinea TV was President of the Chamber of Commerce, Don Gregorio Boho Camo who commended the airline for its professionalism and efforts in connecting Equatorial Guinea to regional markets. “The growth of aviation in our country is key to the expansion of our economic activities as a nation within the region”, said Don Camo.

To boost its sales and distribution in the new market, the airline has also announced appointing APG Ghana as its General Sales Agent for the Ghana market.

Though not formally announced yet, Punto Azul is expected to launch flights to Nigeria, Gabon, and Cameroun among other key Central and West African destinations. Currently, the airline utilizes its spare capacity by running charter operations apart from the scheduled flights.

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Equatorial Guinea’s Ambassador to the United States discusses development in Equatorial Guinea

December 29th , 2013 → 6:54 am @

posted by www.equatorialguineaonline.com – December 29th, 2013

In an interview, Equatorial Guinea’s Ambassador to the United States, Ruben Maye Nsue Mangue, discusses his country’s development over the years. He focuses specifically on how the nation has expanded its economy, infrastructure and human resources.

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Equatorial Guinea aims for FLNG, to build oil terminal

December 3rd , 2013 → 4:07 pm @

posted by www.equatorialguineaonline.com – December 3rd, 2013

Equatorial Guinea is looking to be the first country in Africa to have a floating liquefied natural gas (FLNG) storage facility, with planned capacity of 2.5 million tonnes a year, its energy minister said on Thursday.

“We are working with Keppel on the possibility,” Gabriel Mbaga Obiang Lima told Reuters in an interview on Thursday, referring to Singapore’s Keppel Corporation Ltd.

First production of FLNG could take place in 2016, he said.

“The bulk of the investment will come from the government of Equatorial Guinea, Keppel and a third party. We will announce very soon who is in these discussions,” he said on the sidelines of an oil and gas conference in Singapore.

He said an announcement could be made in a week’s time and that the third party will be from Asia.

“The original tanker will arrive in Singapore next year, and they will start with the reconversion,” he said.

Singapore’s Keppel Corp is the world’s top offshore drilling rig builder and owns Keppel Offshore & Marine (O&M).

A Japanese company, which he declined to name, is currently a major buyer of Equatorial Guinea’s LNG and will be the offtaker of LNG from the floating storage.

OIL TERMINAL

Another plan in the pipeline is a 2.2 million cubic metre oil terminal on Bioko Island, off Cameroon and to the northwest of mainland Equatorial Guinea.

Construction of the oil terminal costing nearly $500 million is to begin next year and it would take about 36 months to complete, the minister said.

Half of the storage capacity will be for refined products and the rest for crude blending.

Dutch company Vopak would be the initial operator but Equatorial Guinea will look to add another operator.

“We are very interested in the oil terminal because that would allow a lot of the producers and traders to accumulate the crude and do some blending and be able to have VLCCs or Suez to ship this to Asia,” Obiang said.

Crude oil is the main export product for Equatorial Guinea along with LNG. The country currently exports about 200,000 barrels per day (bpd) of crude and, if all the current drillings are successful, the volume is expected to go up to 300,000 bpd in about five years, Obiang said.

In total, the country exports nearly 419,000 bpd of liquids, which includes crude, methanol and LNG, and this is expected to double in about five years.

China is its major crude buyer while Japan and South Korea are the major gas customers.

Despite its crude resources, Equatorial Guinea has no plans to build a refinery as it was not economical to do so, the minister said.

An additional 16 oil and gas blocks in areas including the Cameroon Basin and Niger Delta will be put up for licensing but no dates have been set.

“We will study the best way to do the promotion. By the first quarter of next year, we will announce it,” Obiang said.

Equatorial Guinea is also exploring opportunities in the pre-salt area of Rio Muni and will be working with PanAtlantic and Hess to drill a first well and do studies,

Pre-salt layers contain petroleum.

China National Offshore Oil Corp (CNOOC) will start drilling a deep-water well next year in Rio Muni.

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