Chinese firm Dongfand signed with the Ethiopian Electric Power Utility an agreement to build a 120 MW wind plant. The infrastructure which will be located in the Aisha area, in the Somali State will comprise 80 turbines of 1.5 MW respectively. The plant will cost $285 million. Exim Bank of China and the government of Ethiopia will respectively provide 85% and 15% of this sum. The plant...

The World Bank in its Country Economic Memorandum for Uganda, has said that the start-up of commercial oil production in the country could motivate its socio-economic transformation, if the profits are well managed. According to the Bank, profits generated from oil could increase growth and reduce poverty, if it is invested into agriculture, infrastructure and human capital...

In Ivory Coast, the government through its state-run oil company, Petroci, has asked Quest Energy to select a partner on Block CI-531.The government, for several months now, has been asking the company to find a partner and has even taken measures to enable a partnership, but Quest Energy seems not interested in selecting a partner. The first company suggested by the government was China...

The prices of crude oil in the global market have dropped for the first time in a week, falling below the $48 a barrel mark.Brent crude has hit $47.6 a barrel, dropping by as much as 6.5 per cent while US crude was down $2.40 at $47.71 a barrel, as UK voted by 52% to 48% to leave the European Union following 43 years in a historic referendum. These results have left the...

Kenya has entered into an agreement with Ethiopia to build a crude oil pipeline from the coastal town of Lamu to Addis Ababa.This is coming months after Uganda decided to export her oil through Tanzania. The Kenyan President, Uhuru Kenyatta (photo, right) made the deal with the Ethiopian Prime Minister Hailemariam Desalegn (photo, left) as part of a combined infrastructure projects to...

Edison has announced that it has entered into an agreement with Eni as regards the revision of the pricing formula on gas imported from Libya. According to the company, the new price formula is applicable to gas imported from Libya from October 1, 2015 to 2018. It added that its core revenue target for this year is about 650 million euros. Under this contract, Edison will import 4 billion...

Uganda will export power surplus generated by the Karuma hydropower dam. “When complete, the Karuma power station will generate 600MW of power that will be distributed locally and exported to neighbouring countries”, stated Uganda Electricity Generation Company Limited in a release. The $1.6 billion plant should be completed by 2018. It will boost Uganda’s energy park, which is...

Senegal has issued on June 20, a new sukuk amounting to FCFA150 billion with a 6%/yr margin of profit paid each six months for 10 years, and a grace period of 2 years. Entitled Sukuk Etat du Senegal 6% 2016-2026, the bond was certified as conform to Islamic regulations by the Sharia Board of the Islamic Development Bank. According to news release published by Compagnie de gestion financière...

Toronto-listed miner Komet Resources acquired from Mali’s ministry of mines the Moussala exploration permit located in the Kenieba gold mining camp. The permit which is valid for 7 years covers 67 km2 and is entirely (100%) held by Komet Mali Sarl, Komet’s subsidiary in Mali. According to terms of acquisition, the firm will pay the former owner a 2% net smelter royalty on all eventual gold...

In a statement published on June 22, Africa Finance Corporation (AFC) announced it has obtained a $150 million loan from the German bank KfW, to finance infrastructure projects in Africa. The agreement related to the loan, repayable over 15 years, was signed in London by AFC’s CEO, Andrew Alli, and KfW’s infrastructure division’s head, Jan Martin Witte. “Not only will this loan...