Yesterday, Morocco’s king Mohammed VI oversaw the signing of a memorandum of understanding with world’s largest aerospace company Boeing who wants to establish in the kingdom a “Boeing industrial ecosystem” in a specialized. Under the agreement, around 123 Boeing suppliers should settle in the Tangiers area, and 8,700 jobs should be created. “This is a very important strategic...

Madagascar Oil has announced the first use of the Tsimiroro heavy fuel oil on the Mandroseza power plant, operated by Symbion Power in Antananarivo, on the Indian Ocean Island of Madagascar. The Tsimiroro fuel oil was successfully used to run one of the Mandroseza power generators and allowed reliable energy production for about 18 hours per day, for 2 days. According to John P. Claussen, the...

Glencore, Trafigura and B.B. Energy, have been selected by Egypt to provide Liquefied Natural Gas (LNG) cargoes for the rest of this year. Trading house Glencore is to provide the cargo for October, while Trafigura and B.B Energy are to provide the November and December shipments respectively. The Egyptian Natural Gas Holding Co (EGAS) earlier this month launched a tender to purchase 202,000t...

As part of efforts to complete a long-delayed project, Eni has announced that it has asked for billions of dollars from banks for the development of the Coral field, in the Area 4 concession off the Mozambican coast. According to sources, banks are expected to reply within three to four weeks with the terms of loans they are to provide. This is one of the last steps before Eni can make a final...

Lucapa Diamond has found at its Lulo mine in Angola a 172.67 ct diamond. The stone is the fifth stone of more than 100 ct recovered by the firm this year, the last being a 104 ct stone last week. Also, it the sixth type IIa diamond found since operations started at the mine. In February 2016, Lucapa recovered at Lulo a 404 ct stone, the biggest ever found in Angola (world’s fourth diamond...

The African Development Bank (AfDB) will lend Nigeria $4.1 billion to finance its agriculture and power industries, between 2016 and 2017, said Akinwumi Adesina, the bank’s director. The bank aims here to help the nation overcome its budget deficit and develop infrastructures. “All in all we have a portfolio of $4.1 billion dollars from 2016 to 2017 but we intend to raise it to a...

On an official visit to Nigeria, Akinwumi Adesina, the President of African Development Bank said his institution and the federal government of nigeria have found an agreement for a $1 billion loan. The transaction which will be finalized next month has a concessional interest rate of 1.2% for a 40-year maturity period. Amid global oil price slump, the federal government of Africa’s most...

Kenya Airways is negotiating with foreign institutional investors about buying a stake in its capital, its chief executive Mbuvi Ngunze told Reuters. “We are talking to about three or four parties,” he said. Kenya Airways seeks for a strategic partner to raise cash to overcome $253 million deficit it recorded in the last fiscal year. The move is part of its restructuring plan,...

Egypt wishes to grab $10 billion of foreign direct investments (FDI) next year in order to automate firm creation process, boost foreign exchange and revive its economy, said Mohamed Khodeir, Chief of the General Authority for Investments (GAFI). The nation has attracted more than $6.8 billion of FDI in 2015-2016, and aims in 2016-2017 for $10 billion which it use to rehabilitate...

A helicopter has crashed on the way to a Chevron oil platform off the Angolan coast leaving four people dead and two missing. According to the U.S oil company, the helicopter left Malongo port in Angola's Cabinda province on Monday to make the short journey to the Tombua-Landana offshore oil platform but did not reach its destination. “The helicopter did not reach its intended destination. It...