Norwegian leading investment bank, DNB Markets, has said that the prices of crude oil prices is likely to drop by $10 per barrel, if OPEC and non-OPEC producer refuse to conclude plans to freeze output. “If they can agree on a production freeze I think we have seen a bottom. If they fail, I think the oil price will drop $10 per barrel again,” Torbjoern Kjus (photo), DNB Markets...

The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Emmanuel Ibe Kachikwu has declared that the country’s four refineries will need between $300 million to $500 million to work efficiently. The minister disclosed this at a meeting with the joint House of Representatives Committee on Gas Resources, Petroleum (Downstream and Upstream) and Local Content. He...

Fuel queues continue to appear in major cities throughout the country in spite of the suspension of protest embarked upon by oil workers over the restructuring at the Nigerian National Petroleum Corporation (NNPC), Daily Trust reports. Workers’ strike on Wednesday had added to the fuel shortages crisis as product depots, mega filling stations and other critical facilities were shut down,...

Libya’s National Oil Corporation (NOC) in the east is planning to commence the selling of crude oil this March despite the fact that the dispute with the NOC based in Tripoli and Glencore have hindered efforts to export oil. The NOC in the east has been struggling to take control of the sector from Tripoli, but all efforts proved abortive as the NOC in Tripoli still has the backing of major...

Moroccan Central Popular Bank (BCP) has recorded, in 2015, a net profit of 2.51 billion dirham ($255.2 million), 14% up from 2014, a statement the group published on March 10 reports. The increase results from the group’s share in capital of each of the 10 Regional Popular Banks (BRP) rising to 52%, added to good performances of its subsidiary, Atlantic Bank International, which operates in...

On March 14 and 15, 2016, Rabat, Morocco’s capital city will host the 3rd meeting of heads of Koranic radio stations of Islamic world. The event is organized by the Islamic Scientific, Educational and Cultural Organization (ISESCO) and the Association of Islamic Radios. In a statement, ISESCO indicates that the meeting will include discussions about fight against extremism and hatred,...

In Angola, Giasop indicated that it plans to invest this year $30 million in agricultural projects including orchards’ renovation and expansion. These cultures will supply the company’s fruit juice unit production. According to Miji Feliciano, Giasop’s Director General, the major part of the financing will go into Fazenda Boa Fruta, a 46 hectares area, in Porto Amboim, Kwanza Sul...

In Morocco, a consortium including Nareva, Siemens and Enel won a contract for the construction of the Midelt, Tiskrad, Tanger, Jbel Lahdid and Boujdour wind plants with a total capacity of 850 MW. The plants whose construction should end between 2017 and 2020 will cost $1.2 billion. Their construction falls under Morocco’s energy policy which aims to establish 2 GW of wind plants by 2020....

African Development Bank (AfDB) and United Nations Development Programne (UNDP) plan on collaborating to implement an energy project called Solar 4 Health. The project which cost $85 million, aims to identify sustainable energy solutions for equitable access to health services in Sudan. According to Selva Ramachandran, UNDP Country Director in Sudan, implementing the project will help...

Kenya’s Petroleum Minister Charles Keter has announced that the country plans to commence small-scale crude oil production from fields located northwest of Kenya in 2017. According to him, works have commenced on the road and rail infrastructure which will be used to transport it. He said the country is moving forward with plans to commence small scale production by 2017, and roads linking...