World Bank revealed it will not invest in the new Chinese company with a $500 million initial capital for infrastructure in Africa announced last Sept. 12. Named China Overseas Infrastructure Development and Investment Corporation Ltd (COIDIC), the new infrastructure will invest and manage infrastructure projects from concept to feasibility studies as well as follow up financial close, a...

IMF Staff and Ivorian authorities reached a staff-level agreement on a three-year program that could be supported by two arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for SDR 487.8 million (about USD 674.3 million). This sum represents 75% of Côte d’Ivoire’s quota in the IMF. If approved by the IMF executive board, funds mobilized via the...

In Botswana, before year ends, new telecom operator Botswana Telecommunications Corporation (BTC) will invest P90 million (about $8.1 million) to develop 105 4G sites across the nation. The company aims here to modernize and expand its telecom network to win more users and boost its market share. Presently, BTC has deployed eight 4G sites in Gaborone, the capital. Chief executive of...

Nigeria is yet to resume the importation of Kerosene from the United States, seven months after the figures dropped to nil, the US Energy Information Administration revealed. The shortage of kerosene in the country has made the price of the product increase to N300 per litre in several parts of Nigeria.The last time the West African country imported kerosene from the US was in February,...

CGG has announced that it has been granted an extensive multi-client program by the Institute of National Petroleum of Mozambique (INP), to obtain seismic data offshore Mozambique. Under the program, CGG will carry out a 2D survey of more than 6,550 km in the offshore Rovuma basin, including blocks R5-A, R5-B and R5-C, as well as a large 3D survey of up to 40,000 km², over the Beira High in the...

Sonatrach Group, is considering increasing natural gas supply to countries such as Egypt and Jordan as part of efforts to boost its own production. According to chief executive officer Amine Mazouzi (photo), company is negotiating the supply of liquefied natural gas to Egypt, which plans to issue a tender and is also eyeing other Middle Eastern markets like Jordan.Algeria is boosting output...

Clontarf Energy and Petrel Resources have announced that a proposed work programme on the Tano acreage, offshore Ghana has been submitted to the Ghanaian authorities in Accra.  This follows the announcement by the partners on September 19, 2016, that they have been offered revised Tano Basin acreage coordinates by Ghanaian officials. The new work programme is to form part of the current...

Libya’s oil production is expected to reach a three-year high of 900,000 barrels per day by December, as fields begins operations and ports reopen after five years of armed battle that has damaged sales. According to Libya’s National Oil Corp. Chairman, Mustafa Sanalla (photo), the country currently produce 540,000 barrels a day and is expected to reach 900,000 barrels by the end of this...

Guest of honor of the third edition of the Rebranding Africa Forum (RAF) 2016 in Brussels (Belgium) from October 13 to 15, 2016, Burkina Faso will use the opportunity to find investors for its economic and social development plan (PNDES 2016-2020), Apanews said. At the event which is held on the theme “Responding to Africa’s industrialization challenge” will be present Burkina’s...

Miner Hummingbird Resources has started civil works at Yanfolia gold project in Mali. Imagri which was appointed as the contractor in September 2016 started surveying, setting out and trenching in preparation for concrete pouring later this month “This is an important milestone for Hummingbird Resource and we are on schedule for our firstgoldpour by the end of 2017, targeting 132 000 oz...