Kenya obtained a $600 million loan from China to finance its budget deficit, Reuters said on May 26, citing the representative of the International Monetary Fund to Kenya, Armanda Morales. “The deal for the loan is finalized and Kenyan authorities expect the money in the next two weeks,” he said without giving further details. A senior treasury official said in April 2016 that the...

There is a possibility that the Organization of the Petroleum Exporting Countries (OPEC) at its meeting in Vienna on June 2, 2016, will select a new head to replace the current secretary-general. OPEC is closing in on a substitute for, Abdalla Salem el-Badri, who was supposed to have retired since 2013 but stayed since the group has not been able at a decision to choose a new leader. According...

On June 9, 2016, thrice-listed miner, Petra Diamonds, will put in auction, at Christie’s, its 24.18 ct diamond, Cullinan Dream. The stone could be sold for up to $29 million. Petra Diamonds will receive 15pc of the proceeds of the sale. Cullinan Dream is one the four blue diamonds cut from the largest 122.52 ct diamond that the firm found at its Cullinan mine in South Africa. The three...

8.1 million people work in the renewable energy industry. This is 5% higher than in 2015. This was revealed by the International Renewable Energy Agency (IRENA) in a report entitled “Renewable Energy and Jobs – Annual Review 2016”. “The continued job growth in the renewable energy sector is significant because it stands in contrast to trends across the energy sector,” said IRENA’s...

South Sudan is expected to recommence oil production at the Thar Jath oil field in the Unity State which was put on hold by an over two years civil conflict in the country. This conflict had reduced oil production capacity in the country to less than 130,000 bpd compared to the 350,000 bpd being produced in its only functioning Paloch oil field in the Upper Nile state. According to the Minister...

Actemium has been granted a multi-million dollar topside maintenance contract by BP for the latter’s two Floating, production, storage and offloading (FPSO) vessels in Angola. Under the five-year contract, the company will provide the key topsides maintenance for the Greater Plutonio (Block 18) and PSVM (Block 31).Actemium will also provide onshore and offshore maintenance support services to...

South Africa’s Central Energy Fund (CEF) has announced that it has backup access to sufficient crude-oil stocks after its reserves were sold in 2015. According to the Director of CEF, Tseliso Maqubela (photo), the fund, which controls the country’s reserves via the Strategic Fuel Fund, reassigned titles for 10 million BO to companies in December, 2015 as part of a stock rotation.“In an...

Qalaa Holdings has revealed that, it is self-assured that its new refinery will reduce Egypt's reliance on oil product imports, mostly as a weaker currency and rising crude prices has forced the government to cut its energy bills. The new refinery, Egyptian Refining Co (ERC), will be able to produce 4.2 million tonnes of refined products yearly, which will be sold to Egyptian General Petroleum...

Tunisia’s International Arab Bank (BIAT in French) and Banque sahélo-saharienne pour l’investissement et le commerce (BSIC) have signed a partnership agreement to support Tunisian companies in Africa.  “This partnership confirms BIAT’s will to boost exchanges with Africa and support clients that wish to develop across the continent,” said the Tunisian bank in a statement...

Fraudulent forest exploitation costs Cote d’Ivoire around FCFA22 billion each year. The ministry of water and forests has thus decided to sanction all firms that pursue such practices. Louis-André Dacoury Tabley, the minister of water and forests, has recently discovered that Thanry was one of the firms practicing these illegal activities. The crime was denounced in a note from the minister,...