The Organization of Petroleum Exporting Countries (OPEC) is not likely to slash production at its forthcoming meeting in June, even though prices continues to fall, OPEC sources and delegates revealed. According to the sources, which consist of officials from the Middle East, stated that OPEC members such as Saudi Arabia is also planning to test Russia's pledge to freeze production before it...

Turkish Karadeniz Elektrik Üretim AS plans to provide, through its floating units, 110MW of power to Northern Mozambique and Zambia. The ship which is to supply the energy is moored at the Nacala harbor in Mozambique since February 18 and should deliver its first kilowatts in March 2016. According to the agreement signed by both governments and the power provider, the ship should remain moored...

From March 3 to March 5, 2016, Dakar will host the first African Halal Business Forum. According to the Senegalese Ministry of Trade which co-organizes the event with various Islamic financial institutions, the event “will gather businessmen and investors from Arab and Asiatic countries, members of the OIC (Organization of the Islamic) and allow them to meet economic operators of the sub-region...

Gold mining company Hummingbird Resources has extended its $15 million bridge loan with Taurus Mining Finance Fund for the Yanfolia gold project in Mali. A bridge loan is a type of gap financing arrangement wherein the borrower can get access to short-term loans for meeting short-term liquidity requirements. In the present case, the transaction allows both parties to work toward a fully...

Morocco and Germany signed an agreement whereby Germany is to grant €400 million for the construction of the Midelt wind farm. With a production capacity of 150 MW, the plant is located South-East of Rabat. It will have 50 to 60 wind turbines and cost €245 million for its implementation. A consortium comprised of the Italian firm Enel, Moroccan Nareva and German Siemens will...

The Mozambican Ministry of Mineral Resources and Energy on Monday said that the approval for development of the project to extract and liquefy natural gas in Mozambique submitted by Eni will create 820 jobs. The plan, which was recently sanctioned by the government of Mozambique will be effected in 2016 by Eni East Africa. The project is to be situated in Area 4 of the Rovuma basin and first...

Aiming to improve the quality of its cattle species, Cote d’Ivoire plans to crossbreed them with French species. Ivorian minister of livestock and fisheries, Adjoumani Kouassi Kobénan, made the announcement at the Agricultural International Tradefair (SIA) which is currently taking place in Paris, France. “We appreciate the progress that has been made in France.What attracted us to this...

The Quai d’Orsay cooperation agency in charge of supporting Southern media, CFI, launched a call to applications to recruit eight African directors and train them to TV series production. Entitled “Réalise-toi!” (Make it yourself!) is co-produced with Keewu, director of the series “C’est la vie”, which like most series, is not produced like cinema movies since shooting is done at...

Victoria Oil and Gas has announced that its revenues have increased as production from the Logbaba gas field in Cameroon commences. According to the company, earnings for November 2015 were $18.9 million from $11.6million in November 2014. Adjusted incomes were $9million from $1.7million the previous year. The quantity of gas sold by the company rose to 8.85 Mmcf/d from...

According to the Hurun Report, a China-based publication which provides a yearly ranking of world’s richest people, Beijing has overtaken New York as “billionaire capital of the world”. At the end of 2015, the Chinese capital counted 100 billionaires, thus beating New York by 5 people, the same source revealed. The number of ultra-rich people living in Beijing grew by 32 as compared to...