The prices of crude oil for the first time since 2004 dropped above 5% on Wednesday, as the collapse in relations between Saudi Arabia and Iran makes it impossible for any collaboration on the reduction of crude supply to the international market amongst leading exporters believable. It is assumed that the fight between Saudi Arabia and Iran has put an end to hopes that the Organization of...

Petrobel through its subsidiary Petro Shorouk, has been tasked with the responsibility of completing the first stage of development of the Zohr Field by the end of 2017. The drill ship, Saipem 10000 to be used to drill the Zohr-2 well reached the field in late December to start the process of drilling.  Eni came across the Zohr field which is considered to be the biggest natural gas find...

In Cameroon, the government has said it will conclude the phase 1 of the project to extend and upgrade Sonara’s facilities in 2016. This will allow the refinery to begin to increase its production this year. It is estimated that the refinery’s yearly capacity will increase to 3.5 million tonnes from 2.1 million when both the phase one and two are successfully concluded. For years, Cameroon...

Libya’s National Oil Company has revealed that not less than four oil storage tanks was set aflame during the deadly clash in the country as the Islamic State militants make attempts to seize export terminals. On Monday and Tuesday alone, nine guards were killed and more than 40 injured in the clash. According to Ali al-Hassi, a spokesman of the Petroleum Facilities Guards 30 Islamic State...

Mozambique’s hydropower dam in Cahora Bassa in 2015 generated a record output of 16,978 GW/h. This is the structure’s best performance since it has been launched in 1975. The Hidroeléctrica de Cahora Bassa (HCB), state-owned company operating the plant said this performance was due to the various investments made in the infrastructure over the recent years. Truly, nearly $132 million...

Ivorian Prime Minister Daniel Kablan Duncan and his team just gave President Alassane Dramane Ouattara their resignation letter. As a response to this, the recently re-elected president just declared he took note of his collaborator’s decision. After being re-elected, the president promised a better distribution of development which the country got back after the few years of socio-political...

Bourse d’Alger’s regulator just approved Bioharm Spa’s listing document to stock exchange. A release from Commission d’Organisation et de Surveillance des opérations de Bourse (COSOB) revealed that the firm will be listing through a public sales offer of 5.10 million shares that represent 20% of its capital. Each share goes for 1,225 Algerian dinars, for public, and 1,102.5 Algerian...

“A hidden jewel of the mass consumption sector”. That is how Duet’s number one, Henry Gabay, qualified the Société Africaine des Produits Laitiers et Dérivés (SAPLED). Duet has in fact recently announced it acquired the Ivorian dairy and fruit-juice products manufacturer from Sifaoui. The amount of the transaction was not disclosed. The group thus adds to its assets the Tampico...

Prisons in Senegal have started trading online. “Yes WeSell”, a platform created for prisoners and through which they can sell any product they manufacture such as art creation, artisanal products or house furniture. The “Yes WeSell” platform was created on January 1, 2016 and is “solely dedicated to the sales of prisoners-made products” according to its founder, Moctar Cissé. The...

In an interview with CNBC Africa today January 6, 2016, Pierre Celestin Rwabunkumba said three new companies could soon land on the Rwanda Stock Exchange. Not disclosing the names of these companies, the executive however said they operate in the finance, transport and logistics industries. “We are currently talking with various companies to help them in the process but as you know, we do not...