The Angolese Kwanza on January 4, 2016, lost 17% to the US dollar. This is the greatest devaluation recorded by the currency since September 2001. Following the oil price slump that occurred in 2015, Angola’s main source of budget revenues and foreign exchange currency considerably decreased. As a result of this, the country’s central bank decided to let the currency devaluate and this...

Unless a last-minute change arises, South Africa will be suspended from the African Growth Opportunity Act (AGOA) today. The suspension results from SA failing to meet the 60-days deadline set by President Barack Obama last November 5 to resolve dispute regarding US exports. President Obama then expressed his exasperation seeing Pretoria not respecting its commitment to lift barriers and open...

Guinean telecom operator Guinée Bissau Telecom signed on December 30, 2015, a strategic partnership with the Chinese telecom manufacturer Huawei. As a result of this partnership, Huawei is to rebuild and modernize the network of Guinée Bissau Telecom. The government through this partnership called “Guinée Bissau GT Network Modernization project” will invest $60 million (Fcfa36...

Zambia’s president, Edgar Lungu, has reversed Zesco’s decision to increase the price of electricity as poor people greatly suffer from it. In fact, “the state-owned power provider Zesco was ordered to reestablish previous prices until measures to protect the poorest are implemented”, spokesperson to presidency Amos Chanda said. In December 2015, Zesco increased power price by 70% from 6...

President Alassane Ouattara from Côte d’Ivoire promised to implement a significant number of reforms in the rubber and palm oil industries this year. Addressing the nation, the president revealed his intention to “improve producers’ revenues” through these measures. Government wants to insure that the rubber sector is still attractive for producers despite the current fall in prices of...

Subsea 7 has been granted a contract by Burullus Gas Company, for the provision of a platform extension and tie-in on the Phase 1 of BP’s West Nile Delta development of the Taurus and Libra fields, offshore Egypt. Under the contract, worth between $50 million and $150 million, engineering and project management work is to begin with immediate effect and to be carried...

The Egyptian Government in the last month of 2015, witnessed a rise in the outstanding debts owed to international oil companies. Estimated to be $2.7 billion in October, the debt increased to $3 billion at the end of December, according to Egypt's Petroleum Minister, Tarek El Molla, who revealed this in an interview on Sunday. He however, did not giving more details about the reason...

In Nigeria, towards establishing a fully organized and well-equipped learning environment to improving the skill and method of truck driving, as well as guarantying safe driving behaviors in the country, Total has installed two high-tech driving simulators at its Truck Drivers Training School and Inspection Centre in Ibadan and in its Head office in Lagos. This move is part of the company’s...

As part of efforts to make strong presence and grow its share of the oil market, Engen Ghana Limited, a subsidiary of Engen Petroleum South Africa, has launched its Bodede Service Station near Mampongteng in the Kwabre East District. This service station includes a Liquefied Petroleum Gas (LPG) service unit, a high-tech fuel pump shelter, fuel pump stands and a standby generator to guarantee...

Subsequent to the Federal Government’s announcement on Tuesday December 29, 2015, that the price of petrol will be N86 per litre from January 1, 2015, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas employees (NUPENG) have raised criticism concerning the move. Indeed these two leading unions in Nigeria, have...