US insurance and reinsurance specialist XL Catlin announced in a statement dated Jul18, 2016, it has established a new reinsurance unit in Africa. The new unit will provide facultative and treaty reinsurance across the continent, the same source added. It will be led by Alex St James, a former senior executive at One Re Ltd. St James who has more than 20 years of experience in the insurance...

Michelin increased its interest in the Société Internationale de Plantations d’Hévéas (SIPH). According to Cercle Finance, the firm which until now held 20% of SIPH, since entering its capital in 2006, increased its stake by 3.64%. By proceeding this way, Michelin reinforces its position within SIPH whose major shareholder is the Ivorian SIFCA which holds about 55% of its capital. While...

The government of Burkina Faso will soon start preparation for a lenders roundtable where will be discussed financing of the 2016-2020 social and economic national development plan (PNDES in French). The announcement comes after the adoption of this plan by a council of ministers which was held on July 20, 2016. Estimated at 12,850.2 billion CFA Francs ($21.5 billion), the PNDES comprises three...

Video on Demand service Afrostream and French telecom operator Bouygues Telecom signed a partnership which will enable the distribution in France of more African, Afro-American and Afro-Caribbean movies and series. Afrostream’s VoD offer which will from now on be available on all Bouygues’ boxes can be accessed on various platforms (box, tablets, smartphones…). Afrostream’s founder and...

The Arab Petroleum Pipelines Company (SUMED) has signed a contract with the National Bank of Egypt to acquire loan worth $100 million to fund the Phase 1 of the construction of a pier and a center for the trade and storage of oil products in Ain Sokhna. According to SUMED Chairman and CEO Mohamed Abdel Hafez, the aim of the project is to receive, store and transport fuel oil (mazot) for...

Multinational Corporation Lundin has received from its American partner, Freeport McMoran, an extension to decide whether or not to buy the latter’s interest in the Tenke Fungurume (TF) copper project, in the Democratic Republic of Congo. Deadline was extended from August 8 to September 15, 2016. In May 2016, Freeport sent a notice to Lundin indicating that it intends to sell its 70% interest...

Mining firm Gryphon Minerals raised AU$4.4 million ($3,296,942) through the placement of 21.2 million shares at AU$0.206 a share, to advance its Banfora gold project, in Burkina Faso. Teranga Gold’s subsidiary will use the proceeds of the operation to accelerate update of ongoing engineering and drilling studies for a carbon-in-leach processing plant at the project. “Drilling has started on...

Algeria’s trade balance recorded a $10.83 billion deficit in the first half of 2016, up 27.2% compared to the same period the previous year, according to statistics released on July 20, by Algerian customs. As revenues from oil and gas exports fell by 33.62% amid global oil price slump, imports in the country exploded despite all of the government’s efforts to “rationalize...

Tanzania secured from the Chinese Export-Import bank, China Exim Bank, a $7.6 billion loan to build a railway which will connect it to neighboring nations, said President John Magufuli in a statement The announcement comes after talks in Tanzania’s administrative capital, Dodoma, between the Tanzanian leader and Exim Bank’s President Liu Liange. The railway will enhance export and...

Oil exports has resumed at the eastern libyan terminal of Hariga following the suspension of a pay protest by guards, but production at the Sarir oil field will remain on hold, officials revealed. According to Port director, Yassin Ahmed, a Maltese-flagged tanker had docked at Hariga after the oil export port reopened and was loading 76,000 tons of crude. The Al-Hariga terminal has an export...