The European Bank for Reconstruction and Development (EBRD) plans to invest an additional €700 million to support various development projects in Egypt, a statement from the Egyptian presidency revealed. This announcement was made after a meeting held in Cairo on May 31 between Egypt’s president Abdel Fatah Al-Sissi and EBRD’s president, Suman Chakrabarti. So far, EBRD has invested...

Bangladeshi firm DBL Group has announced on May 27, it will build a $100 million textile plant in Ethiopia, with the support of the Swedish clothing giant Hennes & Mauritz (H&M). “It is a milestone for us to build an integrated textile factory entirely focused on export,” said Mohammed Abdur Rahim, Vice-President DBL Group, cited by yarnsandfibers.com The new plant will be...

Sasol Ltd. is currently increasing output of a fuel that could change Mozambique, at the Temane and Pande gas fields, Bloomberg reports. Massive gas finds has the possibility of increasing the country’s economy. “We’re going to incrementally increase capacity until we’ve reached the limit,” John Sichinga, senior vice president of Sasol’s exploration and production unit said. As...

As part of plans to reorganize the state-run oil company so it runs more efficiently, the President of Angola, Jose Eduardo dos Santos, has appointed Isabel dos Santos (photo), his daughter, as the chairwoman of Sonangol.This is coming after the whole board of the company were dismissed and replaced with new executives by the President. Paulino Fernando de Carvalho Geronimo has been appointed...

The Deputy Prime Minister of the Libyan Government of National Accord, Musa Koni (photo), has said that there is a possibility that oil production in the country will return to the pre-crisis level of 1.6 million bpd in a year. “As soon as the security situation improves, Libya will return to its normal production level. Perhaps that will be in a few months. We expect an opening of several...

After two decades, the Organization of Petroleum Exporting Countries (OPEC) has finally approved Gabon's application to return to the group.This is coming after the meeting of the 13-member cartel on Thursday in Vienna, where the group failed again to arrive at a deal to cut production. Gabon’s request is to take effective from July 1, 2016, increasing the group’s membership to 14 countries,...

The Organization of Petroleum Exporting Countries (OPEC) has at last appointed the former group managing director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo (photo) as the new secretary-general of the group. Barkindo is to replace Abdalla El-Badri, the 27th secretary-general of OPEC, whose term in office kept getting extended since 2013.The former GMD of NNPC, is to...

The Government of the Republic of Congo is planning to reduce its expenses this year by about 9% as the decline in the prices of oil in the global market has hit revenue. According to Thierry Moungalla, the country’s Communications Minister, expenses under the current budget are to fall to 2.122 trillion CFA francs from the initial 2.333 trillion CFA francs. Revenues generated from oil and...

CGG, has agreed with the ‘’Direction Generale des Hydrocarbures’’ (DGH) of Gabon to secure and process more than 25,000 km² of new 3D seismic data over the vacant and licenced blocks in the South Basin to allow for the evaluation of the prospective area. According to the company, the initial ultra-fast-track dataset produced onboard a vessel performing a seismic survey offshore Gabon is...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has increased its method of service delivery of petroleum products across the nation as the association has entered into a five-year contract with Star Synergy Petroleum Services Limited. The throughput and trading agreement includes storage and supply of petrol, diesel, kerosene and Aviation fuel throughout the...