Uniwax said it will pay out up to 100% of its net profit in dividends, by 2021. The BRVM-listed firm explained that it reduced its dividend payout ratio to 46.47% in 2015 from 87.5% in 1999 because it wanted to gather enough equity to invest and improve its financial results. In its forecasts, the company’s net income rose from FCFA4.35 billion in 2015, to 10.18 billion in 2021. However, to...

Belgian firm Elicio, its Kenyan partner Kenwind and the International Finance Corporation can finally go through with the development of the Mpeketoni wind plant, a 90 MW plant which is to be established in the Lamu County. For a long time, local farmers backed by the County’s authorities opposed the project, and went to court even asking for the cancellation of acquisition process for the...

According to a new report from the International Enrgy Agency (IEA), in 2015, $313 billion were injected in renewable energies. This is 8% lower than what was invested the year before. “Renewable energy investments accounted for nearly a fifth of total energy spending last year, establishing renewables as the largest source of power investment. While spending on renewable power capacity...

The prices of crude oil dropped on Friday amidst fears that Libya and Nigeria’s resumption of exports would encourage a global oversupply. Brent crude features were trading at $46.20 per barrel, a drop of 0.8% from their previous settlement while West Texas Intermediate dropped also by 0.8% to $43.55 per barrel. According to traders, the comeback of supply from Libya and Nigeria will...

Compagnie Malienne pour le Développement des Textiles, CDMT (Mali’s Textile Development Company) believes the country will have this season, 2016-2017, a record cotton production. “If rains are consistent, we are sure to beat our 650,000 metric tons forecast,” said Ousmane Traoré, Technical advisor in charge of production at CDMT. Officials’ base their confidence on the fact that...

Circle Oil on Friday, announced the completion of repairs on a pipeline used to transport natural gas from its Sebou field in Morocco. The pipeline was shut in August due to an earth movement close to the town of Kenitra in northern Morocco. The incident resulted in the temporary closure of an Office National des Hydrocarbures et des Mines (ONHYM) owned and operated gas pipeline spur used to...

Hyperdynamics’ wholly owned subsidiary, SCS Corp, together with the Government of the Republic of Guinea have entered into a Second Amendment to the 2006 Production Sharing Contract (PSC). The amendment was executed in accordance with the August 2016 Memorandum of Understanding signed between SCS and the Republic of Guinea. Signed by the Director General of the National Petroleum Office,...

Vaalco Energy has announced that it has temporarily shut-in a well at its Avouma platform offshore Gabon because of a persistent issue with an electrical submersible pump. The company had earlier announced in July, that the primary electrical submersible pump (ESP) failed in the Avouma 2-H well on the Avouma platform offshore Gabon in the Etame Marin Permit. Before starting the secondary ESP,...

Ophir Energy on Thursday announced that its partner, Shell, is making preparations to commence exploration drilling offshore Tanzania, later this year. According to Ophir, the drilling program worth $20 million is scheduled to commence in Q4 and will cover two wells on Blocks 1 and 4 and target more than 1 Tcf of gas.The well on Block 1 will target Kitatange, with an estimated mean...

Through a decree from the White House, US President Barack Obama has lifted the economic sanctions imposed to Cote d’Ivoire for over decade now. The sanctions which were imposed in 2006 during President Georges W. Bush’s term included an embargo on arms, assets freeze and a travel ban for some Ivorian politicians who blocked the peace process initiated in 2003. “Côte d’Ivoire has taken...