French car manufacturer PSA Peugeot Citroën has opened in Ethiopia, a new assembly unit, in association with local industrial group Mesfin Industrial Engineering, Les Echos reported on Sept 6. Established in Wukra, situated 800 km north of Addis Ababa, the unit will assemble Peugeot 301, 208 and 2008 received in kits. It will initially produce about 1,000 cars a year, for the Ethiopian market...

Victoria Oil & Gas has signed a confidential settlement with its subsidiary Gaz du Cameroun to resolve all unresolved issues regarding the initially announced Reserve Bonus Payment Agreement and a 1.2% royalty due pursuant to the Contingent Payment Agreement (CPA). The CPA was agreed on before Victoria Oil &Gas’ involvement in the Logbaba Gas Project. GDC owns a 60% participating...

Oilfields services giant, Halliburton, has said that the world will need 20 million barrels of oil every day by 2020 so as to meet growing demand in the face of lower crude production. According to the President of the company, Jeff Miller, capital expenditures have been slashed, asset sales are on the rise and the market has basically hit the bottom. He added that when expenditure drops as a...

Egypt’s Oil Minister, Tarek El-Molla (photo), held talks with British Ambassador to Cairo, John Casson, to enhance cooperation in the oil and natural gas industry.The two sides expressed ways of developing Egyptian-British ties and develop joint projects between the two states as UK is the largest investor in Egypt. According to El-Molla, a considerable number of British companies have large...

For the first time, Algeria’s Saharan Blend light sweet crude is heading to Cuba to help balance the low supplies being delivered by Venezuela whose productions have been affected by the low oil prices regime. According to sources, State-owned oil company, Sonatrach, intends to ship about 515,000 barrels of crude to Cuba in October, to complement Venezuelan crude supplies, which dropped by 40%...

  Clontarf Energy PLC and its partner Petrel Resources PLC, have announced that they are now in talks with Ghanaian authorities and negotiations are ongoing concerning a possible award of some acreage. The partners, in June, were summoned to begin negotiations regarding the procurement of an offshore block over the Tano basin block in respect of the prior application on deep-water Tano...

Overwhelmed with land-related cases, Malagasy jurisdictions are implementing mechanisms that will help them boost their efficiency. In this framework, the Tribunal Terrier Ambulant (TTA) of Anjozorobe has decided to launch decentralized courts. The new jurisdictions should help close the distance with litigants. According to TTA’s president, about 1,500 land titles will be reviewed and...

Morocco’s leading bank Attijariwafa Bank and Emirati National Bank of Dubai (NDB) were the only ones to submit bids to buy Barclays Egypt, Reuters reported on September 6, citing two sources close to the case. Interested banks had until the end of August to submit bids to acquire Barclay’s Egyptian unit. NDB, advised by Perella Weinberg Partners for the transaction, has been in Egypt...

Saudi Arabia's Arabian Drilling Company (ADC) has shown interest in purchasing Dalma Energy’s Algerian, Saudi Arabia and Oman asset in a deal which could value the latter at more than $500 million. According to sources, Goldman Sachs had been employed to organize the sale of the company, which is owned by a consortium of investors through Al Qahtani Investments.The sources added that...

The Ghanaian Government has endorsed the construction of a 24” diameter 290-kilometre Onshore Pipeline from Aboadze in the Western Region to Tema in the Greater Accra Region. The aim of the pipeline which is estimated to cost about $500 million is to help transport larger volumes of gas in the near future. Therefore, the government through the Ministry of Petroleum, has ordered the Ghana...