The Central Bank of Morocco has announced on June 30 it received 10 applications for approvals from local Islamic banks, both local and foreign. The Bank added that the first banks will start operating by the end of 2016. “On 29 June 2016, ten applications were submitted, both by Moroccan banks and foreign finance groups,” Lhassane Benhalima, responsible for Banking supervision at Bank Al...

CDC Group and Lafarge-Holcim launched a joint-venture named 14Trees which will aim to delevop and boost sales of Durabric, an affordable construction material which is more adapted to environmental concerns. The joint-venture will start an initial capital of $10.1 million and partners plan to add more funds to support its mid-term growth. However, the Commonwealth Development Group said the...

In Kenya, tea production is hampered by rising labor costs. While the world’s number 1 black tea grower generated Sh125.25 billion ($1.25bn) in exports last year, this year it could see tea earnings slide. According to data released by the Kenya Tea Growers Association (KTGA), the increase in labor costs, which constitute half of the production cost, could discourage investment in the sector....

Belemaoil Producing Limited has increased its oil production at the OML 55 field in Nigeria, to 3000 bpd. This is coming barely a month after Chevron Nigeria Limited, successfully relinquished the OML 55 field to an indigenous firm, Belemaoil Producing Limited. According to the Chairman of Belemaoil, Jack-Rich Tein Jr., the organization is also forging ahead to accomplish some of its vows to...

New Age has secured a $425 million loan facility from Africa Finance Corporation (AFC) to finance a planned production increase on its existing fields and increase its portfolio. AFC will initially give out $350 million of the facility directly, with an accordion feature for further $75 million of capital afterwards. AFC is investing $75 million in the deal. The investment...

Kenya is to commence the construction of an 865-kilometer crude oil pipeline that will connect fields in its northern region to a new port currently being constructed along the Indian Ocean coastline within two years. According to the Ministry of Energy and Petroleum’s Principal Secretary, Andrew Kamau, the government is currently assessing bids for the pipeline’s design and will award a...

ExxonMobil Corp. is looking to purchase stakes in blocks in Area 4 in the sea of Mozambique, where Anadarko and Eni discovered huge deposits of natural gas. According to the company, the acquisition if successful will help the Mozambican government in resolving its public debt issues as the companies planning to sell their stakes will have to pay capital gain tax to the government. ExxonMobil...

The International Energy Agency (IEA) called all governments to adopt policies to cut pollutants by half. According to the agency, the strategy will include a $4.8 trillion investment for advanced pollution control and accelerating the transformation of the energy industry. “Clean air is a basic human right that most of the world’s population lacks. No country, rich or poor, can claim...

In Nigeria, the Department of Petroleum Resources (DPR) has announced that the country’s gas reserves have increased from 186 trillion standard cubic feet to 190 trillion standard cubic feet. According to the Director of the DPR, Mordecai Ladan, who was represented by Assistant Director, Domestic Gas, DPR, Chioma Njoku, the updated statistics on the new national gas reserves revealed that the...

Tullow Oil in its operational update on assets in Africa announced that the TEN Project in Ghana is on schedule and within budget. According to the company, the project is more than 96% complete and is expected to deliver first oil within the next three to six weeks. Tullow added that the hook-up and commissioning of the FPSO, linking the pre-drilled wells to the vessel through the extensive...