The Kenyan Government and Joint Venture partners made up of three oil companies, have agreed on the rules of engagement in the exploitation of oil resources in Turkana County. A statement from the State House confirmed that the partners; Tullow Oil, Maersk and Africa Oil reached an agreement to venture into the country’s oil sector. The agreement was reached after a meeting led by President...

In Senegal, 120 MW of solar power plants will start operating by 2018, said chief of state-run power company (SENELEC), Mouhamadou Makhtar Cissé. “Overall, 120 megawatts of solar power will be added to Senelec’s grid by 2018. This is a fifth of what the company generates. Initially, at least 20% of the country’s energy mix should have come from renewable. We have long passed this...

The government of Burkina Faso has adopted at a council of ministers last Wednesday a decree that establishes a National Council for Land Tenure in rural areas (CONA/SFR). The entity will help the nation better manage its rural land. “The adoption of this decree provides the structure a legal framework which will insure the efficient implementation of the national strategy for land tenure in...

Benin will issue on October 13, 2016, FCFA40 billion (about $68 million) in fungible treasury bonds, West Africa’s regional agency for debt planning UMOA-Titres revealed. The bonds will mature on October 14, 2021. Coming with an interest of 6%, the bonds will be offered to investors from the eight member-states of the West African Economic and Monetary Union, at FCFA10,000 each unit...

Standard Bank of South Africa (SBSA), the Overseas Private Investment Corporation (OPIC) and Wells Fargo Bank announced the creation of a $300 million fund which focuses on financing energy and infrastrcuture projects in Africa. The fund will invest at least $150 million in the Power Africa initiative developed by President Barack Obama while about $100 million will be used to...

Liberian government and China Exim Bank signed earlier this week a loan agreement for $50 million which Liberia will use to build a new terminal at Monrovia’s Roberts international airport. According to Liberian authorities, works for the project should start immediately and end in deadlines set by the China Harbor, the firm that got the contract. Liberia’s President, Ellen Johnson...

On Oct. 6, 2016, Morocco’s minister of industry, trade, investment and digital economy, Moulay Hafid Elalamy,chairman of AGC Automotive Europe, and president of Induver, Hakim Abdelmoumen, signed in Casablanca a memorandum of understanding for 1.183 billion dirham to build an industrial unit in Kenitra. The joint-venture named “AGC Automotive Induver Morocco” will generate 650 jobs and...

Oil prices increased by about 7% last week, after the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers announced plans to cut production to between 32.5 million and 33 million barrels per day in Algiers. These major oil producers are planning to meet in Istanbul from October 8 to 13 for informal talks on how to execute the production deal. Francis Perrin (photo),...

Kenya needs the oil price to be between $50 and $55 per barrel to exploit its reserves at a profitable level, a government official revealed. According to the Principal Secretary at the State Department of Petroleum, Andrew Kamau, the country is to start small exports of crude for a pilot project next summer but the projects are not expected to generate profits. Kenya has estimated...

World Bank granted Tanzania a $1.6 billion loan to help it end repeated power outages, rebuild its railways and develop agriculture, Reuters said. The country’s minister of finance said in statement on Thursday that he secured the facility ahead of the annual meetings of World Bank and IMF, this week. “The financial package will help the government to improve various infrastructure and...