VAALCO Energy has announced that it has finalized the acquisition of a further 3.23% participating interest in the Etame Marin Permit located offshore of the Republic of Gabon from Sojitz Etame Limited. The transaction, which had an effective date of August 1, 2016, will boost VAALCO’s net production by about 11% post-closing and will increase its participating interest to 33.58%. VAALCO...

Dangote Group plans to establish in the Kano State, Nigeria, a rice mill to foster the country’s self-sufficiency in rice production. This was announced by Hajiya Halima, director general of the group, on the sideline on the Dangote Day, at the 43rd international tradefair, in Kano. With an annual processing capacity of 250,000 tons, the mill will process rice produced in Kano and the Sokoto...

Land reform in Mali in progressing well. On November 22 and 23, in the presence of the Minister of State domains and Land Affairs, Mohamed Aly Bathily and Colonel Mamadou Djfaga, chief executive of the permanent Secretariat for domain and land reform in Mali, took place a workshop to validate report for the review of the domain and land code of the “legal framework, formalization of land rights...

Eni’s Chief Executive Claudio Descalzi (photo) has said that the company is discussing with several parties regarding the reduction of its stake in the giant Zohr gas field offshore Egypt to 50%. This is coming after the company, which owns the whole concession area that includes its Zohr find, agreed to sell a 10% stake to BP for $375 million. “We believe we can operate the field with...

Oil companies including Glencore have bagged the right to supply liquefied natural gas (LNG) cargoes to Egypt, as the country plans to import about 60 cargoes of liquefied natural gas (LNG) next year. According to trading sources with knowledge of the results of Egypt's mega tender for 2017 and 2018, Glencore will be Egypt’s biggest supplier delivering around 25 LNG cargoes while Trafigura is...

Ten Moroccan broadcasting companies have opened an office in the United Arab Emirates to be represented there. The firms are specialized in designing, production and directing of TV programs, movies and institutional content products, advertising, Corporate movies and Digital Media also. Morocco’s audiovisual sector was well represented in the B to B mission organized in the UAE from November...

Islamic Development Bank just signed with Burkina Faso a loan agreement for $37 million (around 18.5 billion CFA francs). The facility will be injected in the power networks extension and reinforcement project of Burkina Faso. The project aims to improve the livelihood of people of Ouagadougou, Bobo Dioulasso and Koudougou by expanding and reinforcing power distribution and transport...

Tunisian Prime Minister Youssef Chahed officialed launched the Financial Port of Tunis project which is financed by Bahraini investment bank Gulf Financial House. “Tunisia wishes, through this project, to join the global investment chessboard,” said the Head of State cited by Web Manager Center. Two days from the Tunisie 2020 conference, which aims to re-attract FDI in Tunisia, Chahed said...

The Democratic Republic of Congo produced in the third quarter of 2016, 268,393 tons of copper, thus 0.6% more than in Q3 2015. The news was announced by the Central Bank which highlighted that despite the increase, copper output over the past three quarters has slumped 10% compared to 2015, to 734,643 tons. According to the financial institution, the 10% slump was caused by global copper...

Averroès Finance III which is managed by Bpifrance and co-sponsored by Proparco, French Development Agency’s arm for private sector, announced an interim closing of €75 million. The closing was possible with the arrival of Fransabank and Audi Bank, who have invested respectively 10 and 5 million euros in the Africa-focused fund. The sum mobilized will be injected in funds that invest...