POWERING UP  Russian nuclear company Rosatom is seeking to build power plants in other African countries, including SA. Picture: BLOOMBERG/ANDREY RUDAKOV
POWERING UP Russian nuclear company Rosatom is seeking to build power plants in other African countries, including SA. Picture: BLOOMBERG/ANDREY RUDAKOV

Russia and Nigeria sign nuclear deal

Russia has signed agreements with Nigeria to build and operate a nuclear power plant in the oil-rich West African nation that has a deficit of reliable power and faces security challenges by Islamist militants in the far northeast.

In 2009 the nations signed an intergovernmental agreement on co-operation for the peaceful usage of nuclear technologies. Nigeria was in talks with Rosatom to build as many as four nuclear power plants costing about US$20bn.

Africa’s most populous nation distributes an average of 4,500MW of electricity. — Bloomberg

Biggest stock collapse in history

It’s going to take more than the biggest stock slump in world history to convince analysts that PetroChina Co has finally hit bottom.

Ten years after PetroChina peaked on its first day of trading in Shanghai, the state-owned energy producer has lost about US$800bn of market value.

In current dollar terms, it’s the world’s biggest-ever wipeout of shareholder wealth. And if the average analyst estimate compiled by Bloomberg proves right, PetroChina’s Shanghai shares will sink 16% to a record low in the next 12 months. — Bloomberg

Please sign in or register to comment.