Companies listed on the Casablanca Stock Exchange registered a decreasing financial performance during the first half of 2015, despite an increase of 4.3% in the global economic growth during the second quarter. The global revenue of these companies was of 120.1 billion dirhams, decreasing by 7.2% and the net global profit was of USD 9.8 billion, decreasing by 32%. However this negative result...

Swala Energy has said that its affiliated company Swala Oil and Gas (Tanzania) Plc and Tata Petrodyne Ltd (TPL) have concluded the outstanding terms of their farmout agreement for the Kilosa-Kilombero and Pangani licences in Tanzania. Subsequent to the finalization the parties shall now advance to payment of the reimbursable past costs of US$5.7 million, due within five working days from...

The former Minister of Petroleum Resources Mrs Diezani Alison-Madueke who was arrested last week by the United Kingdom’s National Crime Agency (NCA) will not be able to leave the United Kingdom, until April, next year when the investigations into allegations filed against her are likely to have been concluded, according to Judiciary sources. Alison-Madueke was arrested along with four others....

  In Africa, there is a new player in the media landscape, the French-language version of the public Russian television, Russia Today (RT). This new channel will add up to the bundle of international media which broadcast in the French language throughout the continent, each representing a powerful nation. There is France 24, the Israeli channel i24News, Al-Jazeera for Qatar and the Chinese...

While the 2015/2016 rice season has just been launched, Mali is planning for an increase of 20% in its cereal production compared to the previous season. Indeed the authorities are expecting a crop of 2.599 million tons of rice, which would be the biggest crop ever achieved by Mali for this cereal. If these forecasts were proven correct, the country would not only reach self sufficiency, but...

RUBIS, international independent operator specialised in the downstream chemical and oil sector, dealing in industrial liquids storage, announced on 6 October having won the bid to take over Total’s assets and business in Djibouti. It is a new development that allows RUBIS "to take control of the leading distributor of petroleum products in the country, with a presence in all compartments in...

Tullow Oil a leading independent oil exploration and Production Company, focused on finding and monetizing oil in Africa and the Atlantic Margins says has reached an agreement with the Government of Gabon over its licences in the Onal Complex fields. Subsequent to negotiations, Tullow has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block; formerly known as the...

Engen, an Africa-based energy company focusing on the downstream refined petroleum products market and related businesses, reported that it has made its third major investment in Namibia’s fuel supply this year, the Ondangwa fuel depot. The fuel depot, is situated in the northern portion of the country, is intended for 2016. Construction of the facility is to begin before the end of the year...

Tullow Oil a leading independent oil exploration and Production Company, focused on finding and monetizing oil in Africa and the Atlantic Margins says has reached an agreement with the Government of Gabon over its licences in the Onal Complex fields. Subsequent to negotiations, Tullow has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block; formerly known as the...

Petronas, Malaysia's Petroliam Nasional Bhd has announced that it was still operating in Mauritania after recent media reports said it had started to withdraw out of the North African nation as low global oil prices cut revenue. "In the event that Petronas intends to close our operations in the country, it will be in strict compliance with our legal commitments and is subject to customary...