Congo Defends Right to Explore for Oil in National Parks
Democratic Republic of Congo's oil minister on Thursday defended the country's right to explore for oil anywhere on its territory after media reports that President Joseph Kabila approved drilling in Africa's largest tropical rainforest reserve. Oil minister Aime Ngoy Mukena declined to confirm a report in Germany's Die Tageszeitung newspaper that Kabila had this month authorised exploration inside Salonga National Park, but he said that no land should be off-limits.
Hedge Funds Spur Bets on Commodity Rebound
Two new commodity hedge funds launched in early 2016; allocations to commodity strategies $1.22 bln in Jan. After deserting commodities markets during last year's slide, some hedge funds are starting to move back in, betting a recent pick-up in energy prices could signal a turning point. A handful of managers are weighing up new specialist hedge funds, industry data shows, while some funds are stepping up exposure to energy markets and oil in particular.
Congo Oil Campaign Generates Death Threats
Two employees of WWF have received death threats in Democratic Republic of Congo because of the conservation group's opposition to plans by British company Soco International to search for oil in a national park, WWF said. Soco's plans have drawn criticism from the British government and from environmentalists who fear they could damage Virunga National Park, the oldest and most bio-diverse in Africa. Emmanuel De Merode…
Soco to Begin Seismic Testing in Virunga Park
British oil company Soco International will start seismic tests this weekend in Democratic Republic of Congo's Lake Edward, an executive said on Wednesday, despite campaigners' attempts to block exploration in a world heritage site. Conservation group WWF has called on Soco to withdraw from its blocks in UNESCO-protected Virunga national park, saying oil exploration is incompatible with world heritage status and would damage the most bio-diverse park in Africa.
