By Adedapo Adesanya

According to reports, some oil tankers turned or avoided spending even a minute longer than necessary when crossing the Strait of Hormuz on Monday, raising issues about global trade following the United States bombing of Iran.

The Strait of Hormuz is the world’s most vital oil flow choke point and a blockage could lead to surge in prices.

Over the weekend, Iran hinted that it may block the Strait in retaliation, and today, the country’s parliament voted to close it.

At least two supertankers made U-turns at the Strait of Hormuz since the US strikes, vessel-tracking data monitored by Reuters showed on Monday.

Other tankers are waiting outside the Strait before it is absolutely necessary to enter the lane to load oil or liquified natural gas (LNG).

Shipping company Greece, which has a huge oil tanker fleet, has already cautioned the ship owners to rethink if they are entering the Gulf.

Bloomberg reported that according to a circular citing the Greek shipping company, tankers should “reassess passage” via the Strait of Hormuz until the situation normalizes, and wait at safe ports nearby.

The Straight of Hormuz sees about 20 per cent of global daily oil traffic, raising fear that the closure may lead to price at $120 per barrel.

The EIA estimates that 84 per cent of the crude oil and condensate and 83 per cent of the liquefied natural gas that moved through the Strait of Hormuz went to Asian markets last year.

Oil prices initially rose higher this morning following the US strike on Iran over the weekend, but crude has since given back all these gains.

As of press time, Brent Crude was up 0.3 per cent to $77 while the US West Texas Intermediate (WTI) is at $74 per barrel.

By Kestér Kenn Klomegâh

On the sidelines of the St Petersburg International Economic Forum (SPIEF), Russian President Vladimir Putin has held a working discussion with Dilma Rousseff, President of the New Development Bank (NDB) established by BRICS countries. According to official reports made available by the Kremlin, Putin urged the bank to consider seriously the adoption of new financial payment systems and the possibility of settlements in national currencies.

“There are issues that require special attention. I mean the expansion of the possibility of settlements in national currencies, and further joint efforts to create a digital platform for settlements and investments,” Putin stressed in his comments at the meeting, and reminded that this question was thoroughly discussed at the last summit of BRICS leaders in Kazan, Tatarstan.

While congratulating her re-election to the position of the head of the New Development Bank, which implies that all members of the bank highly appreciated her work, Putin further underlined that currently the New Development Bank (NDB) has approved and financed approximately 120 projects worth US$39 billion.

In her brief response, Dilma Rousseff, President of the New Development Bank (NDB), informed and confirmed the fact that the Russian Federation proposed her candidacy for re-election as the NBR president. “For my part, I will do everything possible and make every effort to fulfil my duties in this post as best as possible,” Rousseff told Putin in the presence of the Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin, Finance Minister Anton Siluanov, and Central Bank Governor Elvira Nabiullina.

Established in 2015 by the BRICS leaders, the New Development Bank (NDB) has since faced multitude of challenges, especially now with geopolitical changes and emerging economic hurdles. “Of course, we face a number of challenges. These are mutual settlements in national currencies, as well as the creation of digital platforms for the implementation of mutual settlements, including in local currencies. Currently, there are various mechanisms that make it possible to tokenize mutual settlements,” explained Dilma Rousseff, President of the New Development Bank.

Rousseff, in addition, referred to the second very important issue, including the expansion of member countries of the international development bank, as well as the addition of new members partners of the bank. Two countries have already been selected as new members: Uzbekistan and Colombia. And two more countries are still under consideration: Ethiopia and Indonesia.

According to media reports, other multilateral development institutions, including the World Bank, have expressed an intention to work together with the NDB. In September 2016, NDB and World Bank Group signed a memorandum of understanding on cooperation and it was announced that the NDB and WBG’s cooperative efforts focusing primarily on infrastructure development in BRICS member countries.

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS (Brazil, Russia, India, China, and South Africa). According to the agreement on the NDB, “the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.” Moreover, the NDB “shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the bank.”

In May 2022, the New Development Bank set up a regional office in India in the state of Gujarat with the goal of financing and observing infrastructure projects in both India and Bangladesh. In May 2023, Saudi Arabia expressed its intention to join the NDB. The bank is headquartered in Shanghai, China. The first regional office of the bank was opened in Johannesburg, South Africa in 2016. Subsequently, regional offices were established in São Paulo in Brazil, Ahmedabad in India and Moscow in the Russian Federation.

By Aduragbemi Omiyale

A special fund to mobilise $250 million in investment in the next three year for cheap, clean energy in Africa has been launched by Octopus Energy.

Called the Octopus Energy Power Africa Fund (OEPA), this initiative opens the door for investors to support renewable projects Africa, which is home to nearly 40 per cent of the world’s renewable potential.

The fund, launched at the Africa Energy Forum in Cape Town, South Africa, with $60 million already realized, will unlock funding that catalyses the continent’s huge clean energy potential, bringing together forward-thinking investors to power communities and businesses with affordable, homegrown, green energy.

Starting with projects across Sub-Saharan Africa, OEPA plans to invest in game-changing clean energy solutions – from rooftop solar and battery storage to electric vehicle charging infrastructure and grid upgrades.

As part of the move, Octopus Energy Generation is also working with African investment specialist Pembani Remgro Infrastructure Managers (PRIM) to create a smart, practical model that opens new doors for green investments in emerging markets.

“Africa is abundant with clean energy potential – enough to build the next-generation renewable powerhouse and a greener, fairer future fuelled by sunshine and wind.

“By partnering with local experts, such as Pembani Remgro Infrastructure Managers, we aim to accelerate that future and create new green pathways,” the chief executive of Octopus Energy Generation, Zoisa North-Bond, stated.

The Director of the Octopus Energy Power Africa Fund, Ashleigh Gray, said, “With the Octopus Energy Power Africa Fund, we’re offering a new gateway into a region where demand is soaring. This is an incredible opportunity for forward-thinking investors to support transformative clean energy projects and grow with one of the world’s most exciting markets.”

Also, the chief executive of Pembani Remgro Infrastructure Managers, Herc van Wyk, said, “There is a growing awareness of the opportunity presented by infrastructure investment in Africa and we look forward to collaborating with Octopus to unlock new sources of capital for clean energy solutions in Sub-Saharan Africa.”

The launch of OEPA is the next step in Octopus Energy’s mission to bring affordable, green energy to more people globally, and comes hot off the heels of its investment in MOPO – a solar battery innovator powering off-grid homes and businesses to accelerate clean energy access across Africa.

The fund also builds on the company’s partnership with Akuna Group to deliver Sierra Leone’s first-ever wind farm on Sherbro Island, bringing clean, reliable power to local homes and businesses to a region long underserved by traditional grids.