In a new development, the members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, for the first time in eight years, agreed on a concerted production freeze at 32.5 million barrels per day in order to fast track the markets rebalancing and increase producers’ reserves. The agreement represents about 1.2 million b/d cut from the group's current output levels, and is...

In order to improve tenure of lands used for cotton-farming in 17 villages located in the Mankono department, in the North Western part of Ivory Coast, deeds will be freely awarded, by 2018. The operation will take place in the framework of a public-private partnership agreement between the European Union (EU) and the Ivorian Inter-professional Association for Cotton (Intercoton)....

The Bellara 1,398 MW gas-powered power plant will be operational in 2018, revealed the head of Sonelgaz, Algeria’s power and gas provider, Mustapha Guitouni. Guitouni gave “strict instructions to the people in charge of the project so that they put twice more efforts into it, in order to insure that the plant is delivered in due time and avoid unforeseen issues”.   The plant is part...

In Cote d’Ivoire the law exempting tax and royalty on cocoa exports for local actors of the cocoa sector was approved by the deputies of the commission for economic and financial affairs (CAEF). The new rule which was adopted last Monday in Abidjan states that exoneration rate for parafiscal levies  will be fixed by a joint decision of the Ministers of Agriculture, Budget, Economy and...

Alecto Minerals signed with Ashanti Gold a binding option agreement which grants the latter exclusive right to a 65% interest in the Kossanto East project in Mali. The binding agreement concludes the proposals originally set out in the non-binding letter of intent signed by the two firms in August this year. To acquire the 65% stake, Ashanti Gold has to complete a preliminary feasibility study...

The board of directors of the Central African States Development Bank (BDEAC) met on November 29, 2016, in Brazzaville (Congo), with Abbas Mahamat Tolli presiding the session. In regards to new loans to grant, the board approved additional loan of FCFA 7 billion to Chad for the Djemarya ruminants industrial operating complex. The board also said it would issue a CFA 10 billion letter of...

Data released by the National Bureau of Statistics of Mauritius reveals that the nation’s trade deficit grew 15.7% in Q3 2016, compared to Q3 2015. Compared to the previous quarter of 2016, it soared 11.7% to 21.7 billion Mauritian rupees ($590 million). The gap should widen more before the year ends, according to the institution. “Based on quarterly trends and the various sources...

Vodafone Egypt is all set to launch 4G in the country, its CEO Stefano Gastaut told Menafn. The head of the Egyptian subsidiary of British Vodafone said only the approval of the National Telecommunications Regulatory Authority (ANRT), is left for the firm to launch 4G. With the arrival of mobile operator Telecom Egypt, Stefano Gastaut promised a continuous investment in his company’s network,...

Problems keep raining down on Bolloré, the French transportation and logistics group. After the train derailment in Cameroon involving its subsidiary, the group received multiple complaints in the French media industry, lawsuits in the Conakry port case, amid protests from employees in Cameroon and a slumping turnover. On December 1, 2016, the Versailles Court will study the Conakry port case...

In Benin, the radio station Soleil FM and studios of Idéal production, firm that provides images to Pan-African channel Sikka Television have been closed. The measure falls under a decision of the High Authority for Broadcasting and Communication (HAAC) to close various media, including TV channels E-Télé and Chrétienne TV. The HAAC has suspended Soleil FM’s activity until further notice...