The deal for the acquisition of CI Capital, investment branch of Egyptian Commercial International Bank, by Beltone Financial will not happen. Citing sources with knowledge of the deal, Reuters said it failed to obtain the necessary regulatory approvals. In February 2016, Commercial International Bank announced it received an offer from Beltone Financial, which is owned by billionaire Naguib...

In Algeria, Noureddine Bouterfa (photo), the head of state power firm Sonelgaz, has emerged as the new Energy Minister in a cabinet rearrangement, as the country is struggling to deal with the sharp drop in oil and gas revenues that have pressurized its finances. Named by President Abdelaziz Bouteflika, the new energy minister will be replacing Salah Khebri, while junior budget minister Hadji...

Amec Foster Wheeler has been granted a contract by Sasol for works on the liquefied natural gas (LNG) project in Mozambique. Under this contract, Amec Foster Wheeler will perform a detailed design and engineering work for the phase 1 of the PSA development for surface facilities at Temane, north of Maputo.“This award reinforces Amec Foster Wheeler’s position as a leading Oil & Gas...

The Government of Sudan expects the Al-Rawat oilfield in White Nile State to commence the production of crude oil by 2017 after the drilling of test wells, the Minister of Oil and Gas revealed. Mohammed Zayed Awad (photo) declared this after his visit to block 25, accompanied by Al-Rawat company officials and representatives of the partners. According to Awad, Block 25 has created a challenge...

Rwanda has passed its first national petroleum law to revive investments and exploration in the oil sector, as the country plans to share regional oil production prospects. This is coming after Kenya and Uganda confirmed the discovery of oil. Rwanda plans to bypass changing the law once oil is also discovered on its terrain, as the new law is similar with the petroleum laws in the other two...

Egypt has revealed plans to keep all the natural gas discovered in the Baltim exploration region for itself, permitting the country to reduce its liquefied natural gas (LNG) imports and inspire competitions, Egypt Oil and Gas portal reports. This is coming after Eni and BP made a significant gas discovery in the Baltim South Development Lease in the East Nile Delta, in the Eastern Mediterranean...

In Nigeria, Solar Nigeria project has allowed 49,000 homes to have access to power through solar energy. This was achieved in three months only. More than 14,000 homes among the beneficiaries of this project are located in the Northern states which are marked by a power deficit. The program puts in contact domestic solar equipment providers and homes that are looking to obtain such equipment....

The assembly unit that Hyundai installed in Batna, in the North-Eastern region of Algeria, in collaboration with Algerian firm Global Motors industries has, on June 7, just released its first car. “The plant which covers 55,900 m2 and employs 450 people goes beyond a mere partnership as the two firms intend to make it a major industrial hub,” said the South Korea’s ambassador to Algeria,...

Ghana plans to issue a $2 billion syndicated bond before the end of 2016 to pay the debts of three public power supply companies, Reuters reported on June 7, citing official sources.  “The lion’s share of the proceeds of the bond was meant for Volta River Authority (VRA), with the rest spread between GRIDCo and the Electricity Company of Ghana,” Thomas Akabzaa, Chief Director at...

In a statement published on June 8, the African export-import bank revealed the entry of Nigerian billionaire and Africa’s richest, Aliko Dangote, in its capital. The move aims to allow the multilateral institution which focuses on the funding and promotion of intra and extra trade in Africa, to mobilize $1 billion to finance supply chains across the continent. “Working with the...