Citing central bank’s estimates, Standard & Poor’s said Rwanda’s commercial banks’ net foreign exchange fell by 70% at the end of 2015, to $40 million. Meanwhile, foreign exchange reserves (amount of foreign currency central bank has) decreased by 12% only, to $900 million representing 4 months of import. Revenues from Rwanda’s mining sector which represent almost the...

Wärtsilä Corp., a Finnish corporation which manufactures and services power sources and other equipment in the marine and energy markets, on Monday announced that it has entered into a five-year maintenance contract with Bonny Gas Transport. The contract includes the delivery of spare parts as well as the monitoring and servicing of the engines of Bonny Gas Transport’s six new LNG carriers....

Tullow Oil and Swala Energy have revealed that the new work programme presented to the Kenyan government has been approved. The work programme involves the implementation of a Full-Tensor Gravity (FTG) Survey on Block 12B in order to perfect the location of the exploration well and in so doing increase its chances of success. The government of Kenya approved the new work programme on March 10,...

Apache Corp. and Shell has revealed plans to commence the production of unconventional gas from Egypt’s Northeast Abu Gharadig licensing area by the end of June just as Apache is reducing investment in the country due to the declining oil prices in the global market. Apache’s Egyptian Vice President and General Manager, Thomas Maher, said that the partners are to begin the drilling of...

The Nigerian National Petroleum Corporation (NNPC) has announced that it is partnering with the Central Bank of Nigeria (CBN) to help oil marketers start the importation of petroleum products in the country. According to the Minister of State for Petroleum Resources, Emmanuel Kachikwu the aim of the partnership is to help marketers, access forex to allow them import products into the...

In Canada, more specifically in Quebec, the Economic Club of Quebec is a group of entrepreneurs from the highest levels of the business world and finance as well as industry, government, institutional and commercial. The Club wants an important forum for discussions on a wide range of topics of interest to savvy business people. Being apolitical, non-partisan, the club is an exclusive trading...

Oil prices have been rising and falling due to the supply glut in the global market. OPEC and non-OPEC members are currently stuck between the fact that the meeting might occur and it might not. Francis Perrin the chairman of Strategy and Energy Policy and the Editor of Arab Oil & Gas spoke with Agence Ecofin on what is likely to be the result of the deal and the future of oil prices. Ecofin...

In Malawi, government started negotiations with foreign investors over establishment of 1,000 MW of solar plants, by 2020. We are engaging with a number of investors in solar technology. Once implemented, these projects expected to address electricity shortage currently facing the nation, Joseph Kalowekamo, executive at Ministry of Energy, said. In 2015, a consortium established by Global...

In Cote d’Ivoire, there is a new regulation that prevents Europe-imported milk from entering the market. The law which has been signed by Cote d’Ivoire’s Minister of Trade states that expiring period for Ultra-High Temperature (UHT) Milk is no more eight but three months. The new policy thus, French Magazine Jeune Afrique highlights, excludes European milk from local market given...

The government of Uganda has said that it will complete the oil licencing round by June 2016 once it finalizes talks with successful bidders and sign production sharing agreements. The ministry of Energy and Mineral Development has said that it will assess the best bidder based on proposed work program, technical and financial capability, national content, health safety and environment, proposed...