The Group Managing Director of NNPC, Maikanti Baru (photo) has announced that the country’s oil and gas reserves which had fallen at the height of militant attacks on infrastructures has increased. The nation’s crude oil reserves, which had plummeted to 28.2 billion barrels has now risen back to 37 billion barrels. Nigeria now boasts of oil reserves of 37 billion barrels, a figure...

State-owned company, Egyptian General Petroleum Corp (EGPC) is looking to import up to 178,000 tonnes of gasoil for supply in January, a tender document have shown. The company is in search of two cargoes of 30,000 to 33,000 tonnes each with 0.1% sulphur gasoil for delivery into the Alexandria or El Dekheila ports from January 11 to 13 and January 22 to 24. EGPC through a separate tender, is...

In Tunisia, the State Secretary to State Domains and Land Affairs, Mabrouk Kourchid announced he would deploy all efforts to optimize control over state lands around mountain areas, to prevent terrorists from settling there. “These lands, especially those nearing military buffer zones, must be put strictly monitored to insure they do not become hideouts for terrorists. The State Secretary to...

The European Union and Kenya signed on December 20, in Nairobi, a financing agreement valued at £104 million for small Kenyan farmers. The agreement was initialed by Uhuru Kenyatta, Kenya’s President, and Neven Mimica, EU Commissioner for development and international cooperation. The facility will be divided in three tranches that will go into three distinct projects. The first project in...

In the Democratic Republic of Congo, the Central Bank announced on Dec. 26 it scaled down GDP growth for 2016 to 2.5%, from 4.3% previously. The institution revealed this in a report published on its website which was relayed by Reuters. According to the document, the scale down was mainly driven by a fall in prices of commodities. DR Congo, Africa’s leading copper producer currently...

Mining firm SEMAFO announced it has received the approval of the Burkina’s government regarding its application for an exploitation mining permit for its Natougou gold project. With the licence, the company will start developing the project within set deadlines. Construction will commence in the next few weeks and production is expected to start in the second quarter of 2018. The Natougou...

Algeria’s Sonatrach Group has revealed intentions to increase output of natural gas and crude oil by 20% in the next four years as new projects comes online. According to the company’s vice president of exploration and production, Salah Mekmouche, Sonatrach will bring into production the Tiguentourine, In Salah and Timimoune natural gas projects as well as oil wells of the Berkine basin,...

FINACTU is pleased to have been chosen by the Board of Directors of the Congolese ARC insurance company to support it in its strategic thinking and in achieving its upcoming years’ financing plan. The ARC company (Congolese Insurance and Reinsurance companies) has a quite particular place in the insurance market of the CIMA zone: it is indeed the first insurer in the area in terms of turnover,...

World Bank has agreed to lend Zambia more than $100 million to help it curb health risks associated to environmental mining pollution. The loan will also support the country’s economic diversification. “The project is very significant for Zambia because it will contribute to clean up some parts of the old mining town of Kabwe which still has unacceptably high levels of lead in the...

Algeria’s trade deficit reached $17.2 billion over the first 11 months of 2016 against $15.39 billion over the same period in 2015, shows data released on December 20 by the National Centre for Customs’ Statistics and IT (CNIS in French). Between January 1 and November 30, 3016, exports stood at $25.58 billion, against $32.06 billion in 2015, over the same period, thus...