General Electric will support Bresson AS in providing Nigeria a 500 MW power plant. Announcing the news, Mohammed Mijindadi, managing director of Gaspower Systems, an arm of General Electric (GE), said: “the project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson 500 MW project” GE will determine the combination of net financial and...

The Guinea Bauxite Company (CBG) inked a billion dollar loan deal to increase the production capacity of its Kamsar treatment plant. CBG’s CEO, Namory Condé, said the increase would initially consist in boosting the plant’s annual bauxite production from 14.5 million tons which it produces presently to 18.5 million tons in 2018. However, the final target is to double this output to 28.5...

Pan African bank Ecobank announced in a statement published on June 17 at its annual general meeting that it will pay out a dividend of $48.2 million to its shareholders for 2015. The statement revealed that this “dividend follows two years during which ETI did not declare a dividend”. The general meeting also approved the bank’s accounts for 2015 and a net profit of $60.77...

Abidjan, Côte d'Ivoire, Digital Afrique Telecom (DAT), a pan-African mobile technology company, has recently revealed its new website and brand identity. The new brand ethos further enhances DAT’s vision to build a ‘Smart Africa’ through the use of mobile technology. Simplice Anoh, founder and CEO of DAT, said: “This is the beginning of a new and exciting chapter for us. In just over...

BP has signaled a green light for investment in the Phase 1 of the development of the significant Atoll gas field, offshore Egypt. This is coming a year and three months after the company discovered the massive gas field in the North Damietta Offshore Concession in the East Nile Delta, offshore Egypt. BP together with the Egyptian Natural Gas Holding Company (EGAS) has approved the development...

On June 19, 2016, Egyptian subsidiary of French group Orange, formerly known as Mobinil, said in a statement on the Egyptian Stock Exchange that Egypt’s Telecom Regulatory Authority (NTRA) had set the price for 4G licence at EGP3.54 billion ($399 million). The French operator, and its direct rivals, Vodafone Egypt and Etisalat who also said they had been approached by NTRA without disclosing...

Chinese group Haite will set up in the Tangiers-Tetouan-Al Hoceima region, Morocco, an industrial and residential park in the coming years. The project which will initially cover 1,000 ha and later extend to 2,000 will host 300,000 people. China plans, under this project, to develop commercial and industrial activities in sectors such as textile, automobile or aeronautics. “Due to its new...

Sound Energy, in its operational update on the Tendrara and Meridja wells, onshore Morocco announced that it continues to advance with its countervailing growth strategy as well as evaluating selective opportunities to balance its current portfolio. According to the company, the processing of logs during the drilling and wire line logs at the first Tendrara well has now been concluded. The...

Kuwait has expressed interest in entering into the Egyptian market, as a group of representatives from Kuwait Petroleum Corporation (KPC) had talks with Petroleum Minister, Tarek El-Molla (photo) as regards the possibility of refining the Kuwaiti oil in Egyptian refineries. These talks included the expansion of shipping and storage facilities in SUMED’s location in Ain Sukhna and Sidi Kerir,...

Egypt has exported its second liquefied natural gas (LNG) shipment for this year, after the first one was shipped to India in late March. The 60,000 metric tons cargo which departed from Egypt on Saturday is headed for Niigata, Japan to be received by Tohoku Electric Power Company in July under a short term contract. This is the first time Japan is importing LNG from Egypt since it stopped in...