• Strait of Hormuz may attract transit fees

Oil prices rose yesterday following a strike on Iran by Israel. The Brent Crude sold for $94.24 per barrel, while the West Texas Intermediate (WTI) sold for $90.98 per barrel.
Experts however fear that the prices could reach even higher levels by next week if a truce is not brokered between the warring U.S, Israel and Iran.

The U.S.-Israeli war on Iran has largely cut oil flows via the Strait of Hormuz, which before the conflict saw one-fifth of the world’s oil pass through. Several tankers have managed to leave the Gulf recently, but oil and liquefied natural gas flows are still severely constrained.

According to a report by Reuters, Iran’s ambassador to Moscow was quoted as saying yesterday that the Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee.
“Of course, this strait will be open, but with new conditions ⁠to be determined by the Iranian and Omani authorities,” Ambassador Kazem Jalali told the Russian newspaper Izvestia in an ⁠interview published yesterday.
“We understand that Iran and Oman provide certain services related to this strait. And fees will be charged for those services,” he said without elaborating.

Iran has asserted that a permanent peace deal should allow it to demand fees for ships passing through the strait, which would vary depending upon the type of ship, its cargo and prevailing conditions.
That position is vehemently opposed by U.S. President Donald Trump. In late May, the U.S. warned Oman not to get involved in any effort with Iran to impose a toll and Treasury Secretary Scott Bessent said Oman’s ambassador had told him there were no plans to impose such tolls.

Yesterday, Israel said it struck military targets in western and central Iran, even after Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
Japan, which imported about 95 per cent of its oil needs from the Middle East before the war, said it did not pay a fee after a Japan-linked crude oil tanker passed through the waterway in May.

…Culled from Reuters.com

….Headline, rider reworked by TheTrustNews.com

Nigeria has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) to intensify efforts against illegal, unreported and unregulated (IUU) fishing and strengthen the sustainable management of its marine resources.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this during a meeting with the European Union Ambassador to Nigeria, Gautier Mignot, in Abuja.

The meeting focused on deepening cooperation between Nigeria and the European Union on maritime security, ocean governance and the sustainable development of marine resources.

Oyetola described illegal fishing as a major threat to Nigeria’s marine ecosystem and coastal livelihoods, warning that the practice continues to deplete fish stocks, undermine food security and weaken the economic wellbeing of communities that depend on fishing activities.

According to the minister, IUU fishing poses broader risks beyond environmental degradation, affecting national security and economic stability.

“Illegal, unreported, and unregulated fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems depleted and economic livelihoods eroded,” he said.

He stressed the need for stronger international collaboration, backed by enhanced monitoring and enforcement mechanisms, to curb illegal fishing activities and protect the country’s territorial waters.

Welcoming the EU envoy, Oyetola commended the European Union for its sustained partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, which remains a strategic corridor for global shipping and regional trade.

The minister noted that the WASOP initiative presents a significant opportunity for countries in the region to strengthen coordinated action against illegal fishing, improve ocean governance and promote the sustainable utilisation of marine resources.

He said Nigeria was prepared to actively participate in the programme to attract technical and financial support aimed at enhancing enforcement capabilities and advancing the country’s blue economy agenda.

Oyetola also highlighted ongoing reforms under the National Policy on Marine and Blue Economy, which seeks to drive innovation, encourage private sector investment and ensure sustainable exploitation of ocean resources.

He cited improvements in port operations, logistics and maritime security, while noting that efforts were underway to expand maritime infrastructure and boost Nigeria’s competitiveness in international trade.

The minister further called for broader cooperation beyond anti-piracy initiatives, urging development partners to support Nigeria in tackling environmental crimes, human trafficking and illegal fishing through a more integrated approach.

He specifically sought increased technical assistance from the European Union in areas such as surveillance technology, fisheries monitoring and enforcement systems to strengthen Nigeria’s capacity to combat illegal fishing across the Gulf of Guinea.

In his remarks, Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts aimed at ensuring safer and more sustainable oceans.

He said the WASOP initiative, funded by the EU, was designed to promote integrated ocean governance, sustainable fisheries management and the protection of coastal and marine ecosystems across West Africa.

According to the ambassador, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region

Heirs Energies Limited, an indigenous integrated energy company, has been recognised on the global stage after its landmark $750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026. The award was presented last week in London and recognises one of the largest financings secured by an indigenous African energy company.

Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said:

“This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible.”

The Executive Vice President, Global Trade Bank at Afreximbank, Haytham ElMaayergi, said: “We are truly honoured that the $750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.”

According to him, the recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. He praised Afreximbank for supporting the transaction saying it demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

In similar vein, the Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, added: “This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies. The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform.”

Stakeholders agreed that the financing represented a major milestone in Heirs Energies’ evolution from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves. It further reinforced the Company’s position as a leading indigenous energy producer and demonstrated the ability of African institutions to finance transformational African businesses.

The EMEA Finance Project Finance Awards recognise outstanding transactions across Europe, the Middle East, and Africa, celebrating excellence, innovation, and impact in project and structured finance.