On January 26, World announced it has lowered its forecast for the average price of oil for 2016 to $37 a barrel, against $51 last October. In its annual commodities market outlook published on January 26, the institution said the scale-down was due to a “faster than expected” export of Iran oil which restarted after lifting of sanctions and which should boost world’s supply...

On the losing end for three years now, Kenya Airways, in the framework of a restructuring plan, will sell 5 more of its airplanes and cut some jobs, Bloomberg reports on January 26 citing one of the firm’s executive. “The plan, developed by McKinsey & Co, will be implemented over the next 18 months”, CEO Mbuvi Ngunze said. “It’s a comprehensive plan looking the implementation of...

Morocco’s public opinion believes that the agreement between Saham and the ministry of agriculture for the implementation of an agricultural policy is nothing more than a deal between ministers. In response to this, Saham which is owned by minister of industry, Moulay Hafid Elalamy , has decided to suspend the agreement and wait for other actors of the insurance sector to enter the agricultural...

17 years ago, Gabon ended Comuf’s uranium business. Now known as Areva, the old mining company is called to take responsibility for the consequences of its past activities. Indeed, long exposed to the mines’ radiation, former workers which are now sick and forgotten have decided to claim a compensation for the wrong incurred. These workers have waited so many years to complain only...

Islamic Development Bank (IDB) just granted Togo three loans totaling $194 million to finance projects to extend road network, improve education and access to electricity in rural areas. Agreements related to these investments were signed on January 20 in Jeddah during an official visit of Togolese President Faure Gnassingbé to Saoeudi Arabi. The first loan which is worth $130.5...

In Sudan, the Finance Minister, Badreldien Mahmoud (photo), has announced that the state subsidies on fuel oil, jet fuel and gas has been lifted.  According to him, the change puts an end to all the administrative limitations and fees as well as taxes and opens the field for private sector companies to use all payment methods. “The government's withdrawal of subsidies came at an...

The Petroleum Products Pricing Regulatory Agency, (PPPRA), on Wednesday released the import allocation for the supply of approximately 3 million metric tonnes of Petrol for the first quarter of 2016. The Executive Secretary of the agency, Farouk Ahmed (photo), in a statement revealed that 78 % of the overall allocated capacity for the first quarter was awarded to the Nigerian National...

In Namibia Vivo Energy, has announced the launching of a new service station in Windhoek. The service station, Lafrenz Shell, will allow drivers top-up while also re-energizing themselves at the convenience store. Its aim is to serve the community in that area as well as travelling motorists. According to Vivo Energy Namibia’s Managing Director, Johan Grobbelaar, the launching of the new...

VAALCO Energy has revealed that it is postponing its Etame Marin Crude Sweetening Project (CSP) offshore Gabon till declining oil prices in the global market recovers and support positive economic returns. According to the Chief Executive Officer and Director of VAALCO, Steve Guidry (photo), even though it was suspended, the groundwork of the project has been set to rapidly and efficiently...

Moov obtained on January 25, 4G licence in Cote d’Ivoire, AIP reports. The group’s mother company Maroc Telecom ; whose assets transfer to Etisalat old subsidiary has been authorized last January 7 by the council of ministers ; paid an installment of FCFA50 billion. Full cost for the licence is FCFA100 billion and it extends over 15 years. At the close of a meeting with Ivorian...