Egyptian Oil Minister, Tarek El-Molla (photo), on Tuesday revealed that no confirmation has been received yet as regards when Saudi Arabia’s will recommence the supply of petroleum to the country. This is coming after supplies were postponed at the beginning of this month. “The contract is in effect for five years so whether it's interrupted for a week or a month or two or three the...

Dutch multinational commodity trading company, Trafigura, has offered South Sudan an advance payment of $10 million for November oil cargo and also to support the activities of the ministry. According to the Company in a letter addressed to South Sudan’s new minister of oil, Lol Gatkuoth, and the Minister of Finance, Hon. Stephen Dhieu Dau, requested in advance to be granted the November...

Kenya may be on the verge of losing its position as the desired petroleum products importation route for East African nations as Rwanda and Burundi have stopped the importation of their fuel needs via the port of Mombasa and have chosen to direct their shipments through Tanzania, Kenya Transporters Association revealed on Tuesday. This decision was as a result of the contamination of some...

The Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), has announced plans by the Federal Government to reduce its level of fuel imports by 60% in 2018. According to Kachikwu, one of the key areas in the road map for the oil industry is increased local refineries’ production capacity, through the execution of modular refineries and co-location, which is aimed at ensuring...

German pharmaceutical lab Merck opened a representative office in Cote d’Ivoire to serve French-speaking countries in West and Central Africa. “This new office will help us reinforce the activities we already have in Cote d’Ivoire. It will also be a hub from which we will develop our operations in French-speaking West and Central African countries,” said Merck’s director for North and...

The European Bank for Reconstruction and Development (EBRD) injected €500 million in Egypt’s renewable energy sub-sector. This was revealed by Philip Ter Coort, director of the bank’s branch in the country, as he met Saha Nasr, Egypt’s minister for international cooperation. At the meeting, the two parties talked about EBRD’s strategy in the country, for the next four years,...

South African mining company Gold Fields will spend $1.4 billion to extend the lifespan of its Damang gold mine in Ghana to 2024 from 2017, the firm announced while updating output for the third quarter. The extension will help the company produce 1.5 million oz of gold for $950/oz. To this end, it plans to process 32 million tons of ore grading 1.65g/t Au. It should be recalled...

Martin Parfait Aimé Coussoud-Mavoungou, Congo’s minister for land affairs and public domain, while declaring that the government recognizes and protects customary land rights highlighted that holders of such rights would not enjoy the executive’s protection unless conforming to related regulatory procedures. He “urged the right holders to declare their rights to authorities in charge in...

Spanish firm Atunlo just announced the opening of a tuna processing plant in Mindelo, Cape Verde. The factory in which Atunlo owns 51% results from a partnership with the Frescomar and Frigo groups which hold 33% and 16% stakes respectively in the unit. The infrastructure which was commissioned in the presence of Cape Verde’s Prime Minister, José Maria das Neves, has an annual output...

LES-listed firms with assets in Africa mobilized $26.1 billion over 10 years, Oscar Onyema revealed. The chief manager of the Lagos stock market made the announced during a one-day event between his institution and the British stock market. A total of 112 companies operating in Africa are actually listed on the London Stock Exchange. Recent listing operations include that of Egyptian...