The assembly unit that Hyundai installed in Batna, in the North-Eastern region of Algeria, in collaboration with Algerian firm Global Motors industries has, on June 7, just released its first car. “The plant which covers 55,900 m2 and employs 450 people goes beyond a mere partnership as the two firms intend to make it a major industrial hub,” said the South Korea’s ambassador to Algeria,...

Ghana plans to issue a $2 billion syndicated bond before the end of 2016 to pay the debts of three public power supply companies, Reuters reported on June 7, citing official sources.  “The lion’s share of the proceeds of the bond was meant for Volta River Authority (VRA), with the rest spread between GRIDCo and the Electricity Company of Ghana,” Thomas Akabzaa, Chief Director at...

In a statement published on June 8, the African export-import bank revealed the entry of Nigerian billionaire and Africa’s richest, Aliko Dangote, in its capital. The move aims to allow the multilateral institution which focuses on the funding and promotion of intra and extra trade in Africa, to mobilize $1 billion to finance supply chains across the continent. “Working with the...

In Nigeria, one of the two key pipelines that conveys the Bonny light crude grade for export has been shut down following the discovery of a leak on the pipeline. This is coming after the completion of the Nembe Creek Trunk line that also transport the country’s main export grade. Sources have said that Bonny Light production from the Aiteo field was also increasing following the reopening of...

The Niger Delta Avengers on Friday claimed responsibility for an attack on Agip’s trunk line in Bayelsa state in Nigeria. According to the group in a tweet, the Obi Obi brass trunk line is Agip's main crude oil line in Bayelsa.“It is good as foreign refineries stop buying Nigeria oil because the Nigeria state has been robbing the Niger Delta of her oil and gas. We will inform the...

South African Tiger Brands has announced that is sold its 51% stake in East Africa Tiger Brands Industries (EATBI), in Ethiopia, to its partner EAG for an undisclosed amount, Reuters reports. According to Tiger Brands’s management that said the price offered by its partner for the stake was “fair and reasonable”, the deal does not mean that it is exiting the Ethiopian market....

Dubai-based firm, Gajah Investment Group which has signed with the Guinean government an agreement to develop the South Boffa bauxite mine, is presently seeking an $8 billion funding for the project. The firm’s co-founder, James Tounkara, said negotiations are ongoing with potential investors for contracts to sell the mine’s output. China should be associated to the project. Also Gajah...

Morocco’s Office National des Hydrocorbures et des Mines (ONHYM) has set a deadline in August for the exploration of the acreage in the Gharb Centre area of the greater Gharb basin in the northern portion of the country. According to ONHYM, companies interested in exploring Morocco’s Gharb Center area should start making arrangement for their bids as its data room will be opened from July 1...

SacOil has been granted an eight month extension to its existing licence term for the onshore Block 1 which is situated in the northern part of Malawi, The expiry date for the extension is now on August 12, 2017. This extension gives the company the greenlight to forge ahead with the completion of its commitment for the licence. The work program for the block includes the procurement of infill...

Tullow Oil has been granted a petroleum exploration licence for Block 31 in the Northern Province of Zambia by the government. According to Tullow Oil’s Vice-President for Exploration, Ian Cloke, the company plans to invest $69 million for its exploration deeds in Zambia and Tullow will embark on geological and geo-chemical studies in the next two years around the Lakes Bangwelu, Mweru...