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Zimbabwe ‘excited to drill for oil’ after new survey

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Zimbabwe's President

Zimbabwe’s President Emmerson Mnangagwa has announced the discovery of potential oil and gas deposits in the north of the country.

Australian mining firm Invictus Energy, in partnership with the government, is to determine whether commercial drilling is feasible.

An exploration well would be sunk by Invictus in Muzarabani district within two years, the president said.

Zimbabwe is experiencing its worst economic crisis in a decade.

Fuel shortages are a frequent problem and there are many power cuts.

“We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in the area,” Mr Mnangagwa said.

“The result as communicated by Invictus is an exciting development for our country.”

Mines Minister Winston Chitando said the well, situated about 240km (150 miles) north of the capital, Harare, would be sunk at a cost of $20m (£15m), the Reuters news agency reports.

The mineral-rich country currently has no oil or gas production.

Will Zimbabwe strike it rich?

Twenty-five years after oil giant Mobil carried out tests and left disappointed, advanced technology appears to show that there are oil deposits in northern Zimbabwe, near the border with Mozambique.

The exploration is still in its early stages, but the cash-strapped government is anxious to raise the hopes of the nation enduring a serious economic crisis. Discontent is rising amidst widespread corruption and poverty.

Invictus is expected to carry out exploration drilling over the next few years to confirm its initial findings. It will enter into a production-sharing agreement with the government.

Even if commercial drilling goes ahead, it cannot be assumed that the riches will reach everyone. Zimbabwe is rich in platinum and diamonds but little of that wealth has trickled down to ordinary Zimbabweans.

This comes down to a combination of corruption and poor policies, which saw minerals leave the country in a raw form. Under Robert Mugabe, who was forced to resign as president last year after 37 years in power, a policy to introduce processing plants to increase local jobs failed to take off.

BBC

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African Union’s Inclusion in G20: A Significant Acknowledgment of a Continent with 1 Billion Inhabitants

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The world’s most powerful economies, the G20, have welcomed the African Union (AU) as a permanent member, recognising Africa’s more than 50 countries as important players on the global stage. US President Joe Biden and Indian Prime Minister Narendra Modi both expressed support for the AU’s permanent membership.

The AU has advocated for full membership for seven years and, until now, South Africa was the only African country in the G20. The AU represents a continent with a young population of 1.3 billion, which is set to double by 2050 and make up a quarter of the world’s population.

Africa’s 55 member states have long pushed for meaningful roles in global bodies, including the United Nations Security Council, and want reforms to the global financial system. The continent is increasingly attracting investment and political interest from global powers like China, Russia, Gulf nations, Turkey, Israel, and Iran. African leaders are challenging the framing of the continent as passive victim and want to be brokers instead.

They seek fairer treatment by financial institutions, delivery of rich countries’ long-promised $100 billion a year in climate financing for developing nations, and a global tax on fossil fuels. The AU’s full G20 membership will enable it to represent a continent that’s home to the world’s largest free trade area and abundant resources needed to combat climate change. The African continent has 60% of the world’s renewable energy assets and over 30% of the minerals key to renewable and low-carbon technologies.

African leaders want more industrial development closer to home to benefit their economies. Finding a common position among the AU’s member states, from economic powers to some of the world’s poorest nations, can be challenging, but Africa will need to speak with one voice to influence G20 decision-making. African leaders have shown their willingness to take collective action, as seen during the COVID-19 pandemic. As a high-profile G20 member, Africa’s demands will be harder to ignore.

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Forging Strong Bonds: Iran and Zimbabwe Deepen Economic Ties in Raisi’s Africa Tour

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Zimbabwe and Iran

On Thursday, Zimbabwe and Iran signed 12 memorandums of understanding to strengthen their bilateral ties during Iranian President Ebrahim Raisi’s visit to Africa. Raisi had previously visited Kenya and Uganda before meeting with Zimbabwean President Emmerson Mnangagwa in Harare. Among the 12 MOUs is a plan to establish a tractor manufacturing plant in Zimbabwe with the help of an Iranian company and a local partner. The two countries also signed agreements for cooperation in energy, agriculture, pharmaceuticals, and telecommunications, as well as research, science, and technology projects.

Mnangagwa expressed his appreciation for investments in several sectors of Zimbabwe’s economy to reporters after the signing ceremony. However, he did not disclose the amount of investment Zimbabwe is expecting from Iran. Raisi mentioned the economic challenges facing Iran and Zimbabwe due to U.S. sanctions but emphasised his country’s efforts to build closer economic ties.

According to Iran’s foreign ministry, trade with Africa is expected to exceed $2 billion this year, but there was no comparison to the previous year’s figures. This African visit is the first by an Iranian leader since 2013, following a visit to three Latin American countries in June, all of which are also affected by U.S. sanctions.

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Breaking News: E-Creator Fraud Ring Leader Apprehended by Police

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Zhao Jiaotong

The Zimbabwe Republic Police is requesting that individuals who have been deceived by E-Creator, Zhao Jiaotong come forward and report to the nearest police station.

According to police spokesperson Assistant Commissioner Paul Nyathi, the kingpin of the E-Creator Ponzi scheme has been arrested on charges of fraud. The suspect is identified as Chinese national Zhao Jiaotong, who is said to be the founder of the notorious platform that has scammed people out of thousands of dollars.

Nyathi stated, “The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong, 39, in connection with a case of fraud in which unsuspecting members of the public were duped through the E-Creator Ponzi scheme.”

The police are urging anyone who may have fallen victim to E-Creator to report to their nearest police station. Additionally, the public is encouraged to exercise caution and perform thorough research before investing in any Ponzi or pyramid schemes that promise quick returns.

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