President of Development Bank of Central African States (BDEAC), Abbas Mahamat Tolli, and Congo’s Minister of finance and budget, Calixte Nganongo, signed at the BDEAC’s headquarters in Brazzaville, a loan agreement for FCFA20 billion to fund part of the development plan of Congolese airline ECAir. The loan will serve to modernize the company’s fleet through the acquisition of latest...

The International Monetary Fund (IMF) on June 14 said it has issued a principle agreement for a $4.5 billion loan to Angola to help it face oil price crisis. “Angola can receive a maximum USD 4.5 billion (4.0 billion euros)... The loan can be repaid in less than 10 years,” said Ricardo Velloso, head of IMF’s delegation to Luanda, during a two-week visit. “The government of Angola...

Faithful to its slogan “A better way forward”, French tire maker Michelin has committed to buy only zero deforestation rubber. The world’s number one of the tire industry innovates in the sector by adopting this policy, which includes provisions such as the respect of secondary forests and peatlands with a High Carbon Stock (HCS), RFI reveals. Though Michelin’s decision might be...

Central Bank of Democratic Republic of Congo has scaled down its growth forecast for 2016, to 5.3%, from 6.6% in April and 6.9% in 2015. The new projection is close to that of International Monetary Fund (IMF). The institution, which forecast in September 2015 a growth rate of 9% for 2016, explained in a statement released on June 13, 2016, its decision by the slump in the prices of...

The acting managing director of Nigeria’s Bank of Industry (BoI), Waheed Olagunju, has announced that his institution will provide stand-alone solar systems to 100,000 homes across the country over the next five years. “The idea is that all our rural communities will take control of their energy needs by paying for only the energy they use,” said Olagunju during a meeting with governor...

CEPSA and partner ERHC Energy’s search for oil and gas at the Tarach-1 well in Kenya’s Block 11A was unsuccessful and works are underway to plug and abandon the well, Oil news Kenya revealed. The drilling which began on April 14, 2016 was expected to drill from a 20” surface casing through intermediate casings down to 2,442 meters and set a seven-inch liner down to a total depth of 3,000...

Sudan has invited Sri Lanka to invest in its oil exploration as the country is expressing its willingness to supply crude oil at affordable prices. According to the New Delhi-based Sudanese Ambassador to Sri Lanka, Hassan E. El-Talib, Sudan continues to discover new oil deposits in the country as Chinese and Malaysian engineers are at present exploring and finding new deposits by using latest...

Chariot Oil & Gas Investments Morocco has been granted a 75% interest and operatorship of the Mohammedia Offshore Exploration Permits I - III, in collaboration with the Office National des Hydrocarbures et des Mines (ONHYM). Situated in the nearshore and encompasses an area of about 4,600km² with water depths below 500m, the Mohammedia permits are close to the Company's Rabat Deep Offshore...

SDX Energy in its operational update on activities on the Manatee-1X exploration well in Bakassi West, Cameroon, announced that it is withdrawing from the concession. The company held a 35% working interest in the concession, located in the shallow water in the Rio Del Rey Basin, offshore Cameroon. Dana Petroleum, the operator of the concession demanded for a one-year extension in order to...

Despite the numerous attacks on oil installations in the Niger Delta region by militants, which has resulted in the decline of Nigeria’s production and put pressure on her economy, many international companies are still willing to construct refineries in the country. Such is the case of South African-based oil firm, Petrocam which is known for crude oil trading both in Africa and...