Algerian minister for post and ICT, Iman Houda Feraoun, announced on March 28, 2016, new submarine fiber optic cable would be operational in February 2017. This cable goes from Oran to Valencia, Spain, Algérie Presse Service (APS) reported. The infrastructure will boost internet in Algeria, which is already connected to Italy and France through the Algiers-Palma and Annaba-Marseille fiber optic...

In July 2016, Egypt will pay back $1.8 billion it owes its creditors from Qatar and Paris Club, governor of Central Bank, Tarek Amer, announced on March 27. “We will pay back $800 million we owe Paris Club and billion dollars to Qatar in July,” he told a local news channel. “We will pay bay back on time independently of pressure on our foreign currency reserves,” Amer added....

Trade between Morocco and Cote d’Ivoire generated $200 million in 2015, soaring by 66% as compared to 2014, statistics published on March 29, 2016 by Ivorian government revealed. In 2010, these exchanges generated only $80 million. “Morocco is one of Cote d’Ivoire’s main commercial partners,” said Moroccan Minister-delegate to Minister of Industry, Trade, Investment and...

MX Oil on Wednesday announced that it has granted GEC Petroleum Development Company (GPDC) more time to gather finances as it planning to secure investment in the Aje field, offshore Nigeria. According to MX Oil’s spokesman funding took longer than planned, but it is assumed that it will be ready soon. “GPDC has informed us that they are committed to this transaction and, despite interest...

Chariot Oil and Gas has announced that it has entered into a farm-out agreement with Eni where the latter will acquire a 40% equity interest and operatorship, in the Rabat Deep Offshore exploration permits I-VI, offshore Morocco,Eni is to acquire this, in exchange for a carry on Chariot’s share of drilling expenditures on the JP-1 prospect. Under the agreement, the company will also carry...

The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu, has announced that the country is currently in talks with Chevron, Total and Eni, for assistance in refurbishing the outdated refineries in Nigeria. Nigeria, has been making efforts to resume operations from its nonoperational refineries in Port Harcourt, Warri and Kaduna so as to put an end to its reliance on expensive...

The Niger Delta Region, witnessed another pipeline explosion as three people were killed and seven wounded. According to an environmental group, the explosion took place at Olugboboro community in Bayelsa stateon Sunday during renovation works in the Southern Delta region, but bodies of the victims were recovered on Monday after the fire was brought under control. “The news of another tragic...

A consortium comprising producers, environmentalists and groups of Nigeria’s civic society urged the National Bio-safety Management (NABMA), national food regulatory agency, to reject commercialization of genetically modified maize and cotton, News Agency of Nigeria reports. The consortium decided to oppose the approval of GMOs introduction in the Nigerian market as Monsanto Agricultural...

ASX-listed Australian miner Mustang Resources Ltd, told its shareholders on March 25, 2016, it will acquire 90% of shareholding rights to n°6363L graphite exploration licence, and 95% rights to the n°7560L exploration licence, in Balama, Mozambique. The two licences that cover 2,085 km2 were transferred to Regius Resources group Ltd in September 2015. The transaction will be effective only...

In a statement published on March 25, 2016, World Bank announced it granted Benin a loan of $50 million to develop its tourism industry. The funding which was taken from the resources of International Development Association (IDA), World Bank’s fund for world’s poorest countries, will be used to finance the “new project for competitiveness and cross-border tourism” (PCTT in French)...