President Omar El-Béchir has commissioned the Um-Dabakir thermal plant. Located in Kosti, 300 Km from Khartoum, the 500 MW thermal power plant which cost about $457 million is the country’s biggest thermal plant. The infrastructure has four production units, each generating 125 MW. The 18,000 barrels of oil used to power the plant daily will be supplied by the     ...

In Mauritius, Mr. Hassenjee Ruhomally and Ms. Fareenah Ruhomally are being sued by Housing and Land Minister Showkutally Soodhun. They are accused of sharing, on Facebook, a “fake” bill indicating that the Minister was supposedly treated at the Apollo Bramwell hospital and supposedly benefited from the cancellation of charges amounting to 396,176 Mauritian rupees ($11,000). The minister...

The French insurance company Axa will become a shareholder in the South African firm Africa internet Group (AIG), owner of Africa’s major e-commerce platforms such as Jumia, Kaymu (online shopping), Hellofood (food delivery), Jovago (tourism reservation), Lamudi (small housing ads), Everjobs (job ads) anc Carmudi (car sales). Axa acquired 8% of AIG for €75 million. Other shareholders...

SDX Energy Inc. has announced that the Al Amir SE-23 (AASE-23) development well in North West Gemsa, has come across substantial oil bearing reservoir sections in both the Kareem Rahmi and Shagar formations in Egypt. The well was spud to a depth of 9,900 ft where both the Shagar and Rahmi oil reservoirs were found.  Studies points out 23 ft of net Shagar oil pay and 28 feet of net Rahmi oil...

In a statement published on February 8, 2016, on its website, French telecom company Orange announced the signing of an agreement with the Luxembourg telecom group Millicom International Cellular regarding the acquisition of its subsidiary Tigo in the Democratic Republic of Congo. Millicom said the amount of the transaction is $160 million. With nearly 40 million subscribers, DR Congo is...

First Mining Corporation has completed the acquisition of all shares of Goldrush Resources. The agreement related to the transaction plans for shareholders of Goldrush Resources which is active in gold exploration in Burkina Faso will receive, in exchange for ea ch of their share, 0.0714 common shares in First Mining. Subsequent to the transaction, Goldrush will be de-listed from the TSXV....

Angolese dairy company Lacticínios de Angola (Lactiangol) struggles to develop as it faces difficulties accessing foreign currency. According the firm’s president, Lactiangol’s production could drop to 3.5 million litres from 5 million litres. The crisis is more severe for dairy products. Truly, production of yogurt for example has fallen 50%. The current situation arises as the company...

A year and half only after signing a strategic partnership agreement directed towards the Islamic finance sector, Moroccan group Banque Centrale Populaire (BCP) and Guidance Financial Group now take action. The two groups have indeed decided to launch a new halal bank in which BCP will hold a 80% stake while Guidance Finance Group is to hold the remaining 20%, Moroccan newspaper l’Economiste...

SOCO International Plc., on Monday revealed that it has commenced the drilling of the Baobab Marine-1 Exploration well offshore the Republic of Congo According to the company, the drilling began on February 5, 2016 in the Mer Profonde Sud Block located in the Lower Congo Basin, offshore Congo (Brazzaville)   The well which will be spud on the RR Prospect, is aiming fixed early Miocene...

Vitol Group, the world’s leading oil trader, forecast that oil prices will remain low for the next decade due to the slowing Chinese economy and the U.S shale industry’s boost. “It’s hard to see a dramatic price increase,” Vitol Group BV CEO Ian Taylor told Bloomberg in an interview on January 8th. Taylor whose group trade more than 5.5 million barrels of crude and refined oil per...