Exxon Mobil oil workers have decided to put an end to an industrial action which began last week regarding the dismissal of more than 100 staff, a union official revealed. “Production will resume any moment. We just rose from a meeting with the management and the issues that had led to the labour impasse have been resolved after the minister of petroleum intervened,” Lumumba Okugbara, acting...

In Egypt, Royal Dutch Shell has offered the Rosetta concession in Rashid for sale to any international company, a source close to the company revealed. According to the source, Shell chose not to perform any development operations in Rosetta because “development will be expensive with almost no economic feasibility, considering the price of gas produced there.” He added that the Rosetta...

In order to curb land grabbing which is growing significantly, Tanzanian authorities have adopted a new land policy that brings to 33 years, from 99, the lease duration for foreigners, Eurasia Review reports. The adoption of the new policy comes a few months after the Eastern African country launched a campaign to seize “unexploited” lands and discourage shady investors from using them for...

Nigeria launched a call to manifestation of interest to hire legal and financial consultants as well as fiduciary companies to issue its first local sukuk. This was announced on December 19 by the Nigerian Debt Management Office (DMO). The office added it plans to appoint banks and an issuance company as financial consultants, a law firm to draw all documents related to the operation and a...

Ratings agency Standard & Poor’s (S&P) confirmed on December 16, the long and short term sovereign debt rating, both in the local and foreign currencies, of Senegal at B+/B with stable outlook. S&P said in a statement that Senegal’s economic growth should remain strong due to public and private investments as well as reforms planned in the framework of the Plan Senegal Emergent (PSE). This...

Nigeria’s Bank of Industry plans to inject N10 billion ($31.5 million) in the development of its agricultural mechanization. The funds will be used to implement a program to acquire agro-equipment for Nigerian farmers and agricultural service providers. The intervention is expected to create 10,000 direct jobs and 30,000 indirect jobs. According to Waheed Olagunju, Managing Director BoI,...

South African health firm, Life Healthcare, announced on December 20, 2016 it plans to mobilize R10.7 billion ($757 million), about 30% of its issued shares, to buy a new hospital and reduce debt’s pressure on its activities. On November 16, 2016, the firm said it would buy 95% of British Alliance Medical, molecular and diagnostic imaging service, through a short term loan from Barclays Plc...

By 2027, 57% of energy produced in India will be renewable. This was revealed in the National Power Plan published by the Central Electricity Authority (CEA). This goal represents a 42% increase from previously where the nation aimed for a 42% renewable component in its energy mix, by 2030. According to the new plan released by the CEA, announced coal-fired plants in construction (50 GW) will...

Miner Gemfields got in its latest sales of rubies from the Montepuez mine, in Mozambique, a total of $30.4 million. During the auction, the firm sold 1.09 million carat of rubies over 1 .37 million ct offered, at $27.29/ct average. The company said the sales proceeds will be sent to its Montepuez Ruby Mining subsidiary in Mozambique, and will be used to pay royalties it owes the...

The board of directors of the African Development Bank just approved the suggestion from its directorate to make it the administrator and manager of resources of the African Renewable Energy Initiative. Launched at the Cop21 last year in Paris, the initiative aims to valorize the abundant resources of Africa in terms of renewable energy, thus helping achieve the country’s development goals....