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Residential property put in a strong show in the Cape Town CBD in 2022 with an impressive line-up of cutting-edge developments dominating the property development scene in the city centre – and values and rentals also performing well post-Covid.
Of the 22 property developments that came on stream in 2022, with a net worth of R3,555bn, eight were residential builds conservatively estimated to be worth R1.65bn.

These were among the key findings of the latest edition of the State of Cape Town Central City Report 2022 – A Year in Review (SCCR), published annually by the Cape Town Central City Improvement District (CCID). The 11th edition of the report reflects on the economic climate in the CBD across the previous year and is a reputed investment tool for business and property investors.

With the overall value of all property in the Cape Town CBD set at R42.9bn according to the City of Cape Town’s 2022 property evaluation, the new developments added to the ongoing dynamism of the city centre last year.

Rob Kane, CCID chairperson and chief executive officer of Boxwood Property Fund, says: “With the construction sector regaining its pre-Covid momentum in 2022, the CBD’s skyline was punctuated by yellow cranes hovering over building sites. This was unique to the Cape Town CBD, which remains the most economically successful central business district in South Africa and has recovered remarkably post-Covid-19.”

Kane says the new developments – which were completed last year, under construction, planned or proposed – added to the ongoing vibrancy and economic stability of the Cape Town CBD, which continued to open its doors to an increasing number of national and international visitors, including digital nomads, solo travellers, and so-called “semigrants” from other provinces.

Cutting-edge developments

With the residential market in town highly competitive, developers are ensuring their buildings offer potential residents a dynamic inner-city living experience characterised by maximum convenience, quality finishes and features, green credentials, flexible letting options and convenient co-living and co-working amenities.

The new developments are set to add thousands of new residential units to the central city’s residential market on completion. They have spearheaded a year-on-year increase in residential accommodation. In 2022, the number of residential units in town was 6,827, up from 5,791 recorded at the end of 2021 and 4,954 at the end of 2020.

Only one residential building was completed last year, namely Neighbourgood Reserve (R75m), which offers fully furnished loft apartments, co-living- and co-working amenities in a community-centric environment – while four others, with a combined value of R1,480bn, were under construction.

They include Fleetway House – now called Vida d’Chette (R60m) which offers flexible and shared letting on the Foreshore – and two developments that are set to change the dynamic of Loop Street, namely The Tokyo (R150m) and The Carrington (R70m).

However, the stand-out residential build is the R1.2bn development going up in Upper Bree St called The Fynbos. Set to become Africa’s first biophilic building, The Fynbos incorporates nature in its design by offering occupants of each unit a “garden experience”. Thirty species of trees and 20 species of shrubs will be incorporated in the façade of the building.

Says Kane: “These new residential builds have the potential to change the character of inner-city precincts and will not only boost the retail economy in town but also prompt new business opportunities in the area as footfall increases.”

Mixed-use trend

The sharp decline in the demand for office space following the pandemic prompted Cape Town developers to repurpose commercial buildings into mixed-use properties that combine both residential and retail or commercial components.

In 2022, three striking mixed-use developments were under construction:
 

– One Thibault (R500,000m), the iconic former Standard Bank building on Thibault Square that is an example of a highly successful office-block conversion with the residential component offering both aparthotel and Airbnb-type accommodation.

– The Barracks, the R150m Bree Street development which comprises the redevelopment of a well-known CBD heritage landmark with the addition of a sleek modern residential component that will see 70 micro-units floating on top of an 18th-century former warehouse and military barracks.

– The Rubik, another impressive mixed-use build valued at R600m which will have premium residential units above 5,000m² of P-grade office space in a striking sleek skyscraper destined to change the city’s skyline.

Apartment sales

The residential market in greater Cape Town performed well despite rising interest rates in 2022, with the CBD holding its own – despite falling sales and asking prices – recording more sales than before the onset of the pandemic. (*It’s essential to note that the data available exclusively pertains to apartments situated within the Cape Town Central City Improvement District’s 1.6km² geographical footprint within the Cape Town CBD.)

The median price of sectional-title properties sold in the CBD eased from R1.71m in 2021 to R1.47m in 2022, which amounts to a decrease of 13.8%.

With 648 units sold in the CBD in 2022, this is less than the bumper number of 750 units sold in 2021 – which was due in large part to the pandemic-induced rebound in housing market activity – but it still represents an elevated level of sales activity when compared to sales before Covid-19 hit.

Monthly rentals in the Cape Town CBD

There were 57 apartments listed on Property24.com as available for rent in the central city at the end of 2022. This is significantly lower than the 217 units listed at the end of 2021, and the 475 units listed at the end of 2020 at the height of the pandemic.

Most of the units were listed fully or partially furnished, which is a growing trend in recent years to accommodate the digital nomad trend and may also have contributed to the increase in rentals in 2022.

Studio/bachelor apartments: Monthly rentals ranged from R7,000 for a 30m² unit to a maximum of R21,500 for 66m², with the average monthly rental set at R11,586 (compared with R9,027 a year earlier). There were 18 units available to rent in 2022.

One-bedroom apartments: Monthly rentals ranged from R9,500 for 26 m² to a maximum of R25,000 for 94 m², with the average monthly rental set at R14,233 (compared with R11,124 a year earlier). There were 18 units available to rent in 2022.

Two-bedroom apartments: Monthly rentals ranged from R13,500 for 55m² to a maximum of R42,000 for 180m², with the average monthly rental set at R24,750 (compared to R17,768 a year earlier). There were 16 units available to rent in 2022.

Three+ bedroom apartments*: Monthly rentals ranged from R40,000 for 210m² to a maximum of R150,000 for 262m², with the average monthly rental set at R71,667 (compared with R40,314 a year earlier). There were three units available to rent in 2022. *The average rental was distorted by the inclusion of a penthouse listed at R120,000 a month.

Reuters

CAPE TOWN, Aug 28 (Reuters) – Australian gas explorer Kinetiko Energy, which has found shallow sandstone gas in South Africa, has started talks with petrochemical company Sasol (SOLJ.J) on a possible supply agreement, Kinetiko’s (KKO.AX) chief executive said on Monday.

The natural gas deposit in Block 272, Mpumalanga province, close to Sasol’s Secunda petrochemical complex, could be a boon for Sasol, South Africa’s largest gas user and distributor, which needs to find alternative sources.

Sasol currently receives almost all of its gas via the Rompco pipeline from Mozambique to South Africa, but the Pande and Temane onshore fields in Mozambique that supply it are expected to run out within a few years.

Kinetiko CEO Nick de Blocq told Reuters the company was in “very early and undetailed discussions” with Sasol, which he said was geographically “the natural off-taker for any gas produced in our northern block”.

A Sasol spokesperson said the company’s CEO Fleetwood Grobler had confirmed the very early stage talks, adding it was “too early to consider details”.

On Wednesday Sasol cut its final dividend by almost a third after a 35 billion rand ($1.87 billion) non-cash impairment related to difficulties that threaten the post-2030 viability of Secunda, which produces fuel from coal and natural gas.

Besides Block 272 in the north, Kinetiko has also found sandstone gas in Block 270 and Block 271 further south, where it aims to develop South Africa’s largest liquefied natural gas (LNG) onshore project.

Initially, it would produce gas equivalent to 50 megawatts of power, potentially increasing in stages to 500 and eventually 1,500 MW equivalent.

The plan envisages drilling an initial 30-well field, with each set of 10 wells producing around 5,000 tonnes of LNG a year, but De Blocq said he could not give a timeframe as the company is awaiting regulatory approval.

To help finance the LNG project, a joint venture with South Africa’s Industrial Development Corporation, De Blocq said Kinetiko, listed on Australia’s ASX, was considering a secondary listing in London or Johannesburg.

By Duncan Miriri

NAIROBI, Aug 22 (Reuters) – Deals worth hundreds of millions of dollars are expected to be struck at next month’s Africa Climate Summit, including increasingly popular nature-based investments, the event’s main organiser said on Tuesday.

African officials hope the meeting will strengthen the continent’s voice and send a unified message ahead of the COP28 U.N. climate summit later this year.

“We are anticipating deals from $1 million all the way to hundreds of millions of dollars,” Joseph Ng’ang’a, the chief executive for the Africa Climate Summit’s secretariat, told Reuters in an interview.

He said the deals would involve private and public funding for nature-based investments, clean energy production and climate adaptation efforts.

More than 20 African heads of state and government and 20,000 delegates from around the world, including U.N chief Antonio Guterres, have confirmed their participation in the Sept. 4-6 summit in Kenya’s capital, Nairobi.

African countries have been severely affected by changing weather patterns and increasingly suffer from droughts, floods and storms related to climate change.

Several nature-based deals, which help resolve the dilemma of who foots the bill to combat climate change impacts, have been announced in recent months involving African countries.

Portugal said in June it would swap $153 million worth of Cape Verde’s debt for nature investments while Gabon completed its own such deal this month, allowing the central African nation to buy back a nominal $500 million of its international debt and issue an eco-friendly amortizing bond of equal size.

African governments will also prepare to push at the COP28 summit for the realisation of financing commitments made in previous climate summits by richer nations, Ali Mohamed, Kenya’s special envoy for climate change, said at the same interview.

Last year’s COP27 summit in Egypt agreed to create a loss and damage fund for developing countries, but it has not materialised yet, Mohamed said.

“We are holding this summit not to continue repeating the same messages. We are holding this summit for Africa to present solutions to the challenges,” he said.

He cited the recognition of the Congo forest basin as a key carbon sink as one of African countries’ main objectives heading into COP28.

Its basic earnings per share, which includes one-off costs, was down by over three-fourths

Reuters

South African petrochemicals major Sasol posted a 13% rise in annual profit on Wednesday as better operations in the second half offset the impact of weaker crude prices.

The company said its headline earnings per share (HEPS), a profit measure, was 53.75 South African cents for the 12 months ended on June 30, up from 47.58 cents posted a year ago.

Its basic earnings per share, which includes one-off costs, was down by over three-fourths, however, on account of a huge impairment at its flagship plant. (Reporting by Tannur Anders; Editing by Tom Hogue)

Figures published by Uganda’s Capital Markets Authority show average individual balances recorded among local unit trust funds, also referred to as collective investment schemes, stood at $8,010 by close of June 2023

Bernard Busuulwa, The East African

The investments made by Savings and Credit Cooperative Organisations in unit trust funds, reasonable interest rates registered by savers and strong product uptake among low-income earners are attributed to notable unit trust account balances held by Ugandan savers compared to its peers in Kenya and TanzaniaUnit trust products are organised, collective savings channels that attract short-term savings from both poor and rich clients seeking to achieve different financial goals.

Figures published by Uganda’s Capital Markets Authority show average individual balances recorded among local unit trust funds, also referred to as collective investment schemes, stood at $8,010 by close of June 2023.

Read: Uganda CMA woos industrialists to list stocksThe total number of client accounts increased from 56,787 in March 2023 to 66,188 by end of June 2023 while the total value of assets held by Ugandan unit trust funds amounted to $530.2 million by close of June 2023.

In comparison, average individual balances belonging to Tanzanian unit trust savers stood at $3,529 while the total number of client accounts was estimated at 183,987 by end of June 2023.

Total assets managed by Tanzania’s unit trust funds were valued at $649.3 million by close of June 2023.

The average account balance held by Kenya’s unit trust funds stood at $1,286 while the number of client accounts was estimated at 942,236 by end of June 2023. Total assets managed by Kenya’s unit trust fund industry amounted to $1.2 billion during the period under review.

Comparative industry data for other East African Community member states including South Sudan, Burundi, Democratic Republic of Congo and Rwanda was not available by press time.

Though Uganda’s unit trust industry appears smaller than some of its regional peers in terms of assets, considerable investments made by local Saccos in unit trust funds are cited for the huge average client balances recorded in this segment.

Read: Bourses’ bear-run to persist as investors flee into bondsThe share of unit trust assets held by Saccos is currently estimated at more than 10 percent to date according to industry sources, a figure influenced by growing desires for bigger returns on members’ funds held by savings and credit organisations.

The average interest rate paid on unit trust savings lies in the range of 10-13 percent per year while the 10-year weighted inflation rate — a core tool used in the calculation of returns on people’s savings — stands at 10 percent, according to financial experts.

Simon Mwebaze, chief executive of UAP-Old Mutual Financial Services Uganda Ltd says around 10 percent of unit trust clients in Uganda are institutional investors who generally account for 40 percent of total industry assets today.

However, Uganda’s capital markets industry remains shallow compared to some of its neighbours, which means Ugandan savers are confronted with few investment options and any of them that stands out is bound to receive much attention and this may explain the rapid growth of unit trust assets, he explained.

Kenya and Tanzania, on the other hand, have solid stock markets and these offer local savers more competitive choices to invest their money.

About Ush40 billion ($10.6 million) was withdrawn from UAP-Old Mutual Financial Services’ unit trust business after the announcement of a new withholding tax targeted at interest earned from unit savings earlier this year.

But Mr Mwebaze reveals that the withdrawal of this tax measure prompted new inflows of around Ush70 billion ($18.6 million) into the company’s unit trust funds, which is a reflection of renewed client confidence in the local unit trust market.

There are six-unit trust fund managers and 18 licensed unit trust funds available in the Ugandan market, CMA data shows.

Read: Insurers, unit trusts win in Uganda tax plan“Much of the growth we see in the unit trust segment is linked to the bottom of the pyramid,” said Keith Kalyegira, CMA Uganda’s outgoing Chief Executive Officer.

This, he adds, means that unit trust funds have been able to penetrate the low-income groups but are struggling to reach out to high income earners.

The average savings balance recorded in the unit trust funds market appears lower than the Ush33 million ($8,780) recorded in the past.“We do not see any serious market risk facing the unit trust segment, whether macro or microeconomic at this time in spite of the Russia-Ukraine war,” Mr Kalyegira said.

Common savings goals reported among unit trust savers include accumulation of cash for financing land purchases, motor vehicles, higher education, acquisition of high tech electronic gadgets and funding of luxurious foreign holiday trips among others.“I’ve got a unit trust savings account with Sanlam Investments Limited and it generates 13 percent interest per year,” says Shanaz Jiwani, a unit trust fund client who finds it easier to contribute small amounts of money every month than waiting for a lump sum to deposit there.“But those with huge amounts of money on their accounts tend to earn millions of shillings per month in interest which is enough to cater for their family bills during the same period,” Jiwani adds. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

By Nyasha Chingono

HARARE, Aug 18 (Reuters) – Zimbabwe will allow developers of carbon credits to keep as much as 70% of the proceeds for the first decade of the project, with 30% paid as an environmental levy, the government said in regulations published on Friday.

Environment minister Mangaliso Ndlovu moved against what he called “climate washing” in May, saying the government would take 50% of carbon project revenue, with 20% on top of that going to communities, in a move that surprised global markets.

The government said at the time that carbon credit projects were largely unregulated and needed to be registered with authorities within two months.

The global $2 billion voluntary carbon offset market involves companies buying credits from emission-reducing projects such as renewable energy or tree planting to offset their own emissions.

“All existing carbon credit projects deemed null and void shall be given 60 days… to comply with the provisions,” the new regulations document said.

“From the eleventh year of the project, the share of proceeds shall be renegotiated taking into account the prevailing circumstances,” it said.

The government did not immediately comment on the latest regulations.

Reporting by Nyasha Chingono Writing by Rachel Savage Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

Supply chains encompass the systems and resources needed to develop, produce and transport goods and services from suppliers to customers

Tariq Al Fahaam/ Khoder Nashar, WAM (Emirates News Agency)

GENEVA: African economies can become major participants in global supply chains by harnessing their vast resources of materials needed by high-technology sectors and their own growing consumer markets, the United Nations Conference on Trade and Development (UNCTAD) said in its Economic Development in Africa Report 2023 launched today in Nairobi.

Supply chains encompass the systems and resources needed to develop, produce and transport goods and services from suppliers to customers.

“This is Africa’s moment to bolster its position in global supply chains as diversification efforts continue. It’s also an opportunity for the continent to strengthen its emerging industries, foster economic growth and create jobs for millions of its people,” UNCTAD Secretary-General Rebeca Grynspan said.

Africa’s abundance of critical minerals and metals, including aluminum, cobalt, copper, lithium and manganese, vital components in technology-intensive industries, positions the continent as an attractive destination for manufacturing, as recent upheavals caused by trade turbulence, geopolitical events and economic uncertainty compel manufacturers to diversify their production locations.

Africa also offers advantages such as shorter and simpler access to primary inputs, a younger, technology-aware, and adaptable labour force and a burgeoning middle class, known for its growing demand for more sophisticated goods and services.

The report highlights that creating an environment conducive to technology-intensive industries would help raise wages on the continent, currently set at a minimum of US$220 per month, compared to an average of US$668 in the Americas.

Deeper integration into global supply chains would also diversify African economies, boosting their resilience to future shocks.

Expanding energy supply chains into Africa is also an opportunity to accelerate climate action. The continent’s vast renewable energy potential, particularly in solar power, can help reduce production costs and decrease reliance on fossil fuel-based energy sources.

Africa needs more investment in renewable energy to help bridge the significant investment gap and tackle other obstacles to the manufacturing of solar panels on the continent. Currently, only about 2% of global investments in renewable energy go to Africa. The growth of investment in renewable energy, as shown by UNCTAD, could promote the manufacturing of solar panels on the continent.

As an example, in 2022, the Democratic Republic of the Congo was the largest producer of copper in Africa, at 1.8 million metric tons – and beyond exploration and extraction, the country is a potential destination for refining metal products for the electric vehicles industry.

Africa needs significant investment in infrastructure to bolster its position as a supply chain destination.

Seventeen African countries, including Angola, Botswana, Ghana and South Africa, have already implemented local content regulations to support the growth of local supply chains, foster technology transfer, create jobs and add value within their borders.

Additionally, African countries should also secure better mining contracts and exploration licences for metals used in high-tech products and supply chains. This would strengthen domestic industries, enabling local firms to design, procure, manufacture and supply the necessary components.

The adoption of innovative digital technologies is also critical to optimising supply chain processes. Countries such as Kenya have made notable progress in this realm, with rising rates of digital skills adoption in Africa.

UNCTAD urges governments to create sound policies, foster an enabling regulatory environment and scale up programmes to promote the widespread adoption of these technologies.

The UN trade and development body also reiterates its call for better financing solutions to offer African countries and businesses affordable capital and liquidity to invest in strengthening their supply chains.

The report says African small and medium-sized enterprises need more supply chain finance, which bridges the payment time gap between buyers and sellers, improves access to working capital and reduces financial strain.

According to the report, the value of the African supply chain finance market rose by 40% between 2021 and 2022, reaching US$41 billion. But this is not enough.

The continent can mobilise more funds by removing barriers to supply chain finance, including regulatory challenges, high-risk perception, and insufficient credit information.

UNCTAD also underlines the need for debt relief to offer African countries fiscal space to invest in strengthening their supply chains, as on average they pay four times more for borrowing than the United States and eight times more than European economies.

Reuters

Aug 11 (Reuters) – South African coal miner Exxaro (EXXJ.J) expects its half-year profit to fall by as much as 37%, mainly due to weaker prices of the fossil fuel and the impact of rail logistics problems, the company said on Friday.

Exxaro said it expected headline earnings per share (HEPS) – South Africa’s most common profit measure – of between 21.58 rand and 26.38 rand ($1.14-$1.39) for the six months ended June 30, down from 34.26 rand during the same period last year.

Thermal coal prices have retreated from 2022 peaks, when surging demand from Europe fired up coal miners’ earnings after a ban was imposed on Russian coal over Moscow’s invasion of Ukraine.

Prices have come off because European utilities have significant coal and gas stocks after a milder than expected winter, and have been ramping up renewable energy projects.

Coal companies are seeing sharp declines in profit as a result of lower demand.

South African coal miners have also been struggling to haul minerals to port due to limited freight rail capacity as state-owned logistics firm Transnet struggles with locomotive shortages, cable theft and vandalism of its infrastructure.

Exxaro’s export sales were 6% lower during the first half of this year, compared to the same period of 2022, due to rail challenges.

The company will release its financial results on Aug. 17

($1 = 18.9177 rand)

Reporting by Nelson Banya Editing by Mark Potter

Energy Access Ventures (EAV) is a venture fund that invests in early stage and growth companies that employ technologies and innovative business models linked to the access of electricity and its benefit in Sub-Saharan Africa

Africa Business

Exclusive interview with Paras Patel, Investment Manager, Energy Access Ventures, Kenya. At the upcoming Future Energy East Africa, he is a part of a panel discussion on the potential of mini grids.

1) Let’s start with some background on Energy Access Ventures and the work that you do there.
Energy Access Ventures (EAV) is a venture fund that invests in early stage and growth companies that employ technologies and innovative business models linked to the access of electricity and its benefit in Sub-Saharan Africa.

Due to the poor lack of political will and public investments in infrastructure, African business and industries are at the forefronts of finding other means to bypass these challenges though disruptive and innovative technologies an business models. Through years of experience in Africa, EAV understands the opportunities and challenges present in SSA and can provide direction to accelerate go-to-market and scale-up in these markets. EAV also brings on-board a wide network and leverages relationships with Limited Partners to add value to our portfolio companies.

2) Any exciting projects that you are currently involved in that you can share?
Bringing electricity is just the first step; we are now also looking at investing in companies that enhance the productive uses of electricity in other sectors including agriculture, healthcare, mobility etc. In addition we are looking at the innovative business models that bring the benefits of electricity to off-grid areas, such as in the connectivity space.

Another exciting area for us is the commercial and industrial (C&I) space. Promoting clean, reliable and affordable energy to SMEs and business not only makes commercial sense but also creates more meaningful impact for the local environment through job creation, environmental benefits etc.

If you look throughout history in the developed world, electrification did not start with households – industries were electrified first and households followed as a collateral effect. Therefore, investing in companies providing energy to C&I clients not only results in a larger energy production output, but also a follow-on effect of lighting residential areas nearby.

3) What in your view are the main challenges in the power sector in East Africa right now?
The population of Africa is growing rapidly which in turn is increasing demand and the need for electricity access. However, the grid cannot serve with this increasing demand. The majority of the African population lives in rural or peri-urban areas where there is no grid or where the grid is very unreliable. Therefore, the primary challenge in this market is the simple access to electricity or the access of reliable electricity.

As mentioned above due to the poor lack of political will and public investments the grid will most probably not arrive to many of these unconnected areas. Nor does it make commercial sense to do so.

Nevertheless, disruptive and innovative technologies and business models are tackling this challenge. The most popular example are the solar home system companies such as d.Light, PEG Africa and Off Grid Electric. Not only do they provide solar power for homes, they provide financing over a period of time to allow users to purchase their systems on a marginal disposable income and most importantly these business are commercially viable.

However, bringing electricity is just the first step. The next challenge is to increase a household’s disposable income. Thus, EAV seeks to promote the use of ‘productive power.’ How do you make $5 worth $15 using clean energy and an innovative business model? That truly is the next challenge for these companies.

4) And with regards to energy efficiency in particular?
Naturally, energy efficiency is a key component in the energy nexus. We have now started looking at companies that are building and providing energy management software as a service.

The energy efficiency market has two main branches – the demand side and the supply side. The former usually involves smaller systems (including systems for residential homes), while the latter deals with systems with larger loads. But they both have vast applicability; from heating and cooling to cost and power usage reduction.

This is still a fairly new concept in the Africa. , However with the increase in energy consumption and the shift towards larger off-grid systems, the energy efficiency space is definitely growing.

5) What in your view are the main opportunities currently?
Kenya in particular is a commendable player in the African innovation and entrepreneurship market. The number of start-ups being born and entrepreneurs being developed here reflect this. Energy access related start-ups have been among the most prominent of the start-up scene in the recent years in East Africa.

And lastly the spaces which are exciting to watch include the nexus of electricity and agtech, edtech, healthtech, watertech, robotics, artificial intelligence and energy management software, to name a few.

To learn more about EAV please visit their website www.eavafrica.com.

TradeArabia

Italy-based Saipem, a leading oil and gas industry contractor, has been awarded a new contract worth $1 billion by Mellitah Oil & Gas BV Libyan Branch, a consortium of National Oil Corporation of Libya and Eni North Africa, for the development of the Bouri Gas Utilisation Project (BGUP).

As per the deal, Saipem will undertake revamping of the platforms and of the facilities of the Bouri gas field, which lies in water depths between 145 m and 183 m, offshore the Libyan coast.

The contract entails the engineering, procurement, construction, installation and commissioning (EPCIC) of an approximately 5,000-ton Gas Recovery Module (GRM), onto the existing DP4 offshore facility, together with the laying of 28 km of pipelines connecting the DP3, DP4 and Sabratha platforms, said the Italian contractor in its statement.

The main lifting operations will be executed by the semi-submersible crane vessel Saipem 7000.

With this award, Saipem confirms its commitment and competitive positioning offshore Libya and its completion will make an important contribution to reducing CO2 emissions in the North African country, it added.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).