Saudi Arabia has announced that it vows to support Egypt's economy in terms of oil assistance and $8 billion in other investments in the country. Saudi Arabia's Deputy Crown Prince and Defense Minister, Mohammed bin Salman (photo), declared this in Cairo on Tuesday. He affirms that King Salman has sanctioned $8 billion in investments, contributing to Egypt's necessities for oil for a...

Sinochem Group on Wednesday announced that it had entered into a deal with Angolan state-owned Sonangol to purchase crude oil for more than a decade. The company declared this in a statement on its website. It however did not disclose further details including the supply amount or other financial details.  According to a trading sources the deal was for four or five cargoes a month. This...

Viber, owner of the eponymous application VoIP, says it is open to a partnership with mobile operators in Africa. In an interview with the niche siteLight Reading, Mark Hardy, director of marketing at Viber, said the company has “just started to build a commercial presence in the region, but we are certainly open to explore opportunities for partnership with telecom operators in African...

West African Resources Ltd, gold miner with 25 adjacent licences covering a total of 6,370 km² in Burkina Faso, announced on December 15, it has discovered an extending mineralization 150 m to the north at the emerging eastern zone of the M3 prospect in its Tanlouka licence. Extending mineralization was revealed by data from Reverse Circulation drilling showing shallow oxide gold of 15 m at...

Egypt government’s plans to launch 4G in 2016 to boost development in this sector over the 2016-2017 fiscal year. Minister of ICT Yasser El-Kady was the one who made the announcement on December 13, 2015, during conference on Information and Communication Technologies held in Cairo. According to him, negotiations are currently ongoing with various governmental actors namely the National...

Botswana’s minister of finance, Ontefetse Kenneth Matambo, presented to parliament a law for complementary funding aiming to increase financing dedicated to energy sector. The budget plans to provide more than $73 million (821 million Pula) to Botswana Power Corporation (BPC), the country’s electric power regulator. The company will hence import more power and supply local power plants...

Relations between Morocco and the European Union once again seem to be taking a wrong turn. Indeed, decision of European Justice Court to suspend agricultural trade agreements between Rabat and Brussels failed not to anger Morocco. The European Justice Court explained its decision to suspend this accord which include all agricultural products, processed or not, fishes or fishery products, saying...

African Development Bank (AfDB) announced in a release published on December 14, it has successfully launched a $500 million 3-year green bond transaction in London. The issue which was launched on December 9 priced at mid-swaps plus 14 bps. Directed towards the financing of climate change mitigation and adaptation projects in Africa in the fields of renewable energy generation, energy...

Effects of the COP21 talks on climate change are already being noticed in world markets. Fossil energies assets are dropping while renewable energies are soaring. Peabody Energy, American largest coal producer saw its value drop by 12.6% on the 14 December, thus bringing depreciation for 2015 to 93% of its value. Assets of Consol Energy Inc, another coal/natural gas-based energy producer also...

France's Defense Minister Jean-Yves Le Drian on Monday warned that the ISIL has its eyes set on and has extended their fortress from Libya’s coast deeper into the embattled country in an effort to gain access to the country’s oil reserves.  According to the Defense Minister, the Islamic State terrorists are currently in the northern city of Sirte and their territory extends 250 km...