Nigeria is about to launch a development bank to support, financially, small and medium enterprises (SMEs) as its entrepreneurial environment suffers a severe economic crisis which was spurred by oil price plunge, the nation’s minister of finance Kemi Adeosun announced on October 17, 2016.   “The Development Bank of Nigeria is going to provide money for (small and medium-sized...

Malaysian firm Bionas plans to build plant where it will produce bio-fuel from Jatropha plant, in Zaria, Kaduna State. “Jatropha plant could produce aviation fuel and sell at the same price with fossil fuel. Every Nigerian would cultivate the crop, sell the seedlings for export. Our Nigerian partners are ready for the takeoff of the project,” said Zurina Amnan, CEO Bionas. It added that...

Swala Oil & Gas (Tanzania) has announced it is looking to raise $120 million to finance operations in East Africa.The company says it has involved investment firm, Exotix Partners LLP, to place corporate bonds of about $120 million to fund material transactions after it recently acquired an exploration block in Burundi. “We took the decision earlier this year to balance our asset...

Mining junior Acacia Coal signed a deal with Coalvent to buy a 74% interest in the Riversdale anthracite project, in South Africa, currently held by a subsidiary of Rio Tinto. Under the agreement, Coalvent will get the project from Rio Tinto and sells it back to Acacia for AU$2.9 million cash and AU$2.6 million in shares based on certain milestones. Remaining 26% will be held by black economic...

“It is a good exercise that honors our country. Number of things has come to light and those responsible will answer,” said Burkina’s Minister for land management and internal security, Simon Compaoré while commenting the report released on October 13 by the National Assembly on parliamentary investigation on the management of urban land. Ouagadougou’s former mayor appreciates the...

The Federal Government of Nigeria has entered into a $15 billion deal with India, in which the latter would make advance payment for crude oil purchases from Nigeria. According to the Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), the terms of the deal would be agreed sooner or later. Under the deal, the Indian government would pay Nigeria in advance for crude...

Libya’s oil output has reached 551,000 barrels per day, bringing the country nearer to its target of 900,000 barrels per day by 2016 ending, National Oil Corporation chairman, Mustafa Sanalla revealed. This continuous increase comes after Libya reopened the Sidra, Ras-Lanuf, and Zueitina export ports in September. Production was between 270,000 bpd and 300,000 bpd before the ports were...

Solo Oil in its update on the Ntorya appraisal well in Tanzania, announced that the site being prepared for the Ntorya-2 appraisal well has now been completed and the mobilization of the Caroil 2 rig from the Ntorya-1 well site is currently in progress. The Ntorya-2 pad is situated about 1.5 km to the southwest of the Ntorya-1 well. The rig and associated equipment presently being transported to...

BP has entered into an agreement with Shell to process 650 Mmcf of gas, produced from the North Alexandria project, at Shell’s Borollos station for $0.3 per million feet. According to a senior source in the petroleum sector, the process of connecting the North Alexandria project to the station in Borollos is to commence in the coming period. He added that the Shell’s Borollos gas...

Israeli group Tahal International BV has partnered with Angolan firm ZRB to carry out a 7-year agricultural project. The association will take place in the framework of a partnership agreement signed with the Gestão de Terras Aráveis (Gesterra), a semi-public company. The $370 million contract is for the Kimina project which will reproduce the moshav model. This kind of multi-function...