The Nigerian National Petroleum Corporation (NNPC) has discredited recent reports of reduction in the price of petrol from N87 to N57 per litre. The Group General Manager, Group Public Affairs Division, Mr Ohi Alegbe in a statement said that the report was false and deceiving, adding that such reports should be ignored. The statement also revealed that the Group Managing Director of NNPC,...

The President of Tanzania Jakaya Kikwete while speaking at an official launching of infrastructure for the processing of natural gas said he is confident that the newly found natural gas in the country will help overcome the constant power outages. "Tanzania relied on hydro-power generation for many years. Ten years ago, the nation experienced serious droughts that lowered water levels of the...

In Morocco, Circle oil an exploration and Production Company has announced that its KSR-A exploration well, in Sebou, attained a Total Depth of 1,890 metres on the 19 of September 2015. The well which was tested with a Slick-line unit after the release of the rig, is to be tied-back to Circle oil’s 75% pipeline from Sebou to Kenitra where it will be ready for production. The concession is...

In Morocco, Circle oil an exploration and Production Company has announced that its KSR-A exploration well, in Sebou, attained a Total Depth of 1,890 metres on the 19 of September 2015. The well which was tested with a Slick-line unit after the release of the rig, is to be tied-back to Circle oil’s 75% pipeline from Sebou to Kenitra where it will be ready for production. The concession is...

Egypt plans to purchase 55 cargoes of LNG (initially 45 cargoes) through a tender granted to seven companies which are PetroChina, Trafigura, Vitol, Noble Group, EDF Trading, Gas Natural and Shell. The seven companies had over the weekend met with Egypt’s EGAS in order to discuss the tender. EGAS however did not disclose the amount of cargoes each company is to provide. The cargoes encompass...

Atlanta, the insurance subsidiary of the Moroccan group Holmarcom, has just announced during the presentation of its half-year results that it is considering developing in sub-Saharan Africa and going into Islamic insurance. "We are currently reviewing a number of possibilities to get established on the continent", declared the CEO of the company, Hassan Bensalah (photo), however stating some...

The South African telecom group MTN has just been sullied by an investigation by "Finance Uncovered". The network of journalists from 55 countries worldwide, accused four subsidiaries of the multinational company - MTN Côte d'Ivoire, Ghana, Nigeria and Uganda - of tax avoidance. These branches have supposedly transferred over many years hundreds of millions of dollars to offshore companies...

After cocoa, rice. Côte d'Ivoire, which will soon host the headquarters of the International Cocoa Organisation (ICCO), is also welcoming back the Africa Rice Centre (AfricaRice) who returns to its Abidjan headquarters. The institution has indeed announced the end of its exile in Benin following the Ivorian political crisis which lasted 10 years. "Most of the headquarters functions have been...

On October 8, a newcomer has arrived in Cameroon’s power sector. It is the National Company for power distribution (SONATREL in French). According to the presidential decree from which Sonatrel emerged and published on October 8 also, this state-owned firm will be in charge of “distributing power and managing the distribution network for government”. To be more explicit, Sonatrel is to...

Ghana is currently under threats from Nigeria to cut its supply of gas to the Aboadze Thermal Plant as a result of government’s failure in settling its debt to the Nigerian gas authorities. The country recently announced getting 140 million standard cubic feet of gas from Nigeria through its West African Gas Pipeline (WAGP) network, which has immensely improved power supply in the...