Algeria's Sonatrach has granted JGC Corp. a $1.4 billion contract to increase production at its biggest gas field in Hassi Rmel.This is the second contract for JGC this year, Reuters reports. The first contract involved the boosting of output at Algeria's biggest oil field in Hassi Messaoud, awarded in March for $339 million.The Engineering Procurement and Construction (EPC) contract...

Ghana Oil Company (GOIL) has restructured its management staff with the appointment of three new managers. According to the company, the promotions are expected to consolidate the improvements made before now and allow the company achieve more success. Marcus Deo Dake, the Zonal Manager, South has been promoted to the post of Fuels marketing Manager. Marcus Deo Dake succeeds Alex Josiah Adzew...

Oil production from the Sankofa-Gye Nyame oil field, is expected to commence in Q2 of 2017 while production of gas is expected to begin in the Q2 of 2018. The execution of the Offshore Cape Three Points (OCTP)/Sankofa-Gye Nyame Gas Project was about 54% complete as at the end of August 2016, while the Floating, Production and Storage and Offloading (FPSO) Vessel is almost 80% complete. Alex...

South African paper group Mondi signed an agreement to buy Russian Beepack which makes corrugated packaging trays and boxes for food and agricultural products, for €41 million ($46 million). The deal should be sealed before the year ends, Reuters reports. “Acquiring the Russian firm falls under Mondi’s plans to expand its business in Central and Eastern Europe. The acquisition of...

In an interview on Gabon television, the new vice-Prime Minister, minister of Urbanism, Social Housing and, Bruno Ben Moubamba, said the land issue was one of the “most urgent” he intended to deal with. Announcing an upcoming bill land property, the official’s diagnosis is implacable. “Land is a real problem in Gabon. All landholders must have titles. This project aims to help identify...

Arnold Ekpe announced in a statement he will be quitting Atlas Mara in December 2016. Former chief executive of Barclays plc, Bob Diamond, whom he helped establish the Africa-focused investment vehicle will take his seat as interim when he leaves. The statement which revealed the news did not indicate why the former chief executive of Ecobank was standing down. “It has been a privilege to...

Saudi Arabia and Russia, the world's two largest crude oil producers, said they're ready to cooperate to limit output, helping send prices to a one-year high. Agence Ecofin spoke with Francis Perrin (photo), the chairman of Strategy and Energy Policy and the Editor of Arab Oil & Gas. Agence Ecofin:Let me start by asking that Saudi Arabia has long relied on oil to fuel its economic growth and...

The Kenyan Ministry of Energy and Petroleum has announced that it will not rush the auction of the 17 new oil exploration blocks made recently even though stakeholders’ interest are increasing. According to the Principal Secretary for the Ministry, Andrew Kamau, these 17 blocks will in the future be sold at the right price and to the right investor. “Unfortunately, what we are seeing in a...

Tunisian National Railways (SNFCT) has selected Hyundai Rotem, the branch of the Hyundai Motor Group manufacturing rolling stock, defense products and plant equipment for a $188.4 million contract. In a statement, the South Korean company said it is to supply 112 electrical multiple units (EMU) to SNCFT in the second half of 2018. The EMUs will be used on the RFR suburban network, linking...

Dar es Salaam announced it got from the African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) $258.82 million to develop a power interconnection transmission line linking it to Kenya. The 400 KV line will be built over two years by Bouygues Energies & Services, Kalpataru Power Transmission Ldt and Energoinvest. It will be 510 km long and connect Isinya...