Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, is currently on a visit to Iran for talks on an oil deal, sources close to his delegation said.The visit is coming not long after Saudi Arabia stopped its oil cargoes to the country. Saudi Arabia informed Egypt that it will be halting shipments of petroleum products to Egypt until further notice, an Egyptian official said on...

The most recent financial and operations report released by the Nigerian National Petroleum Corporation (NNPC) has revealed that the combined performance of three of Nigeria’s refineries is below 20 per cent. These three refineries are the Warri Refining and Petrochemical Company (WRPC), the Kaduna Refining and Petrochemical Company (KRPC), and the Port Harcourt Refining Company (PHRC). An...

Egyptian Oil Minister, Tarek El-Molla (photo), has announced that following the completion of the sixth well the Zohr gas field, Italian Eni has commenced the drilling of the seventh well, Zohr-7. The minister declared this during the regular committee meeting set up to assess the execution phases of the Zohr field project development. El-Molla added that the Zohr-7 is the last well in the...

In Algeria, state-owned energy company, Sonatrach, has granted China Petroleum Engineering Construction (CPECC) a contract worth $410 million to renovate the Sidi R'cine oil refinery which is close to the capital Algiers. Under the agreement, the Chinese construction company will perform restoration works at the refinery for 21 months. Once rehabilitated, the refinery will assist in...

The European Bank for Reconstruction and Development announced it will lend Tunisia $5 million to help it develop its olive oil production sector. The financing which will be directed to Sovena MENA and Tiba Foods, subsidiaries of Sovena, to allow them to expand their olive oil supply networks and boost their production capacity for export-directed bottled oil. The facility thus goes...

In Ghana, PEG Africa, solar energy solution provider, plans to supply power to 75,000 people. To do so, the firm mobilized from ResponsAbility, SunFunder and Oikocredit, $500,000 each totaling $1.5 million. “We hope to support PEG in achieving meaningful growth. Off-grid solar for improving the living standards of economically disadvantaged people is a big opportunity in Ghana and...

Mining company Burey Gold inked an agreement with Emirati firm Medidoc FZE to buy a 60% onterest in Tendao project which comprises five exploration licences covering a total of 1,456 km², in North-Western part of DR Congo. The deal will help the firm reinforce its presence (more than 2,000 km²) in the Kilo-Moto greenstone belt where it  already operates the Giro project. President of...

The European Union (EU) will provide Tunisia €300 million of financial aid every year starting from 2017, till 2020, Federica Mogherini, High representative of EU in charge of foreign affairs and security policy, revealed on November 1. Mrs. Mogherini made the announcement in Tunis as he was meeting Tunisia’s minister of foreign afffairs, Khemaies Jhinaoui. More than five years after...

Algeria has released its first locally made Hyundai car on October 29, three days ahead of initial schedule, announced Tahkout Manufacturing Company, a joint venture of Algerian firm Tahkout and South Korean car maker Hyundai. Produced at the Tiaret factory (located about 300km west of Algiers), the SUV Hyundai Tucson will be sold with a five year guarantee and at a cost 30-35% less than models...

The African Development Bank (AfDB) has announced in a statement released on Nov 2 that it has granted Tunisia a €180 million loan to regional disparities. The loan which is part of the Programme d’appui au développement regional inclusive (PADRI) will help stimulate regional development in the 16 major governorates by promoting investment, social inclusion and local governance. PADRI...