In Morocco, Société Nationale de Sidérurgie (SONASID) recorded a net loss of 62.1 million dirham in 2015. It is the third loss of the firm in the past six years, following 2010’s (-18.8 million dirham) and 2012’s (93 million dirham), this despite the joint-venture’s, controlled by SNI and Arcelor Mital, efforts to cut operational costs. In a profit warning to investors a few days ago,...

In Egypt, Social Fund for Development is studying an option to invest $1.1 billion in the power sector. This was told Amwal Al Ghad media last Sunday by a source close to the fund. The targeted project will be developed in one of the country’s border governorates. The potential investment falls under the fund’s new investment strategy which consists in injecting funds in significant...

Morocco ranked 9th in the 2016 edition of ranking of countries best suited to Muslim tourists, established by specialized firm Crescentratin and American payment solution provider, MasterCard. The Christian kingdom was rated 68.3 over 100 in the Global Muslim Travel Index (GMTI) 2016 which studied this year 130 destinations (48 Muslim countries and 92 non Muslim countries). Three major...

African Development Bank (AfDB) agreed in principle to fund completion of optic fiber between Algeria and Nigeria. Imane Houda Feroun, Algerian minister for post and information technology made the announcement on March 28, 2016, during an interview with Algérie Presse Service (APS). Launched in 2010, in the framework of the New Partnership for Africa’s Development (NEPAD), the 4,000km...

Tanzania will exceed its existing supply of gas in the next two years as demand is currently at 80Mmscf/d, as the country still witness chronic power shortages Wentworth Resources revealed. According to the company, demand is expected to rise to 120Mmscf/d in 2017 with customers mainly being industrial users. Tanzania at present has two gas processing facilities; the Gas Processing plant at...

As part of move to increase the capacity of gas available for power generation purposes, Shell Petroleum Development Company of Nigeria (SPDC) on Tuesday announced that it has increased gas production from the Agbada field located in East Niger Delta. According to SPDC’s corporate media relations manager, Precious Okolobo, production from the field was increased from 10 mcf to 20 mcf and 1,500...

As part of Ghana Oil’s (GOIL) corporate social responsibility, the state oil on Monday announced that it has lowered the price of diesel by 18 pesewas a gallon. This move follows the current rise in petroleum products by the oil marketing companies. The reduction however, signifies that four pesewas has been removed from every liter of diesel acquired by motorists. “The decision is part of...

Dana Petroleum, has announced the conclusion of drilling operations on the Manatee-1 exploration well in the Bakassi West block in Cameroon. The well is situated in shallow water in the prolific Niger Delta Basin, offshore Cameroon. It was drilled with the Paragon M825 jack-up rig to a TD of 1,447 meters. The well came across 26 metres of gas bearing section of variable quality all through the...

Angoflex Industrial on Tuesday revealed plans to invest $40 million to increase the production of umbilical cables at its plant in Lobito, in the Benguela province in Angola. The company had signed a private investment contract in Luanda last week Thursday with the Technical Unit for Private Investment (UTIP). The contract, grants Angoflex tax benefits. According to the Director General of...

In Togo, news website “Togo Breaking News” (www.togobreakingnews.com) just launched a crowdfunding operation. It concerns public and aims to raise FCFA 9 million. The online media seeks alternative funding to reinforce its operational budget and implement its projects, including provision of training of practical internships to young journalists. Fundraising is placed under the theme...