In Algiers, the Minister of Energy, Salah Khebri (photo), has said that Sonatrach’s investment in exploration and production should be more than 73 billion dollars between 2016 and 2020. According to him, this shows the country’s readiness in maintaining the required production to meet demand.“The volume of investment foreseen by Sonatrach for 2016-2020 exceeds 73 billion dollars, two...

Nigeria is losing $1.017 million daily to attacks on pipelines by militants in the Niger Delta Region, as her crude oil export plunged further by 21,000 bpd. This is coming after Eni, declared a force majeure on the Brass River crude oil stream following the bombing of the pipelines used in the transport of the crude oil grade. Looking at the current price of $48.44 per barrel for...

MTN Ghana will this year, proceed to the modernization of its telecom network and improve the quality of the services it provides its users across the country. In order to achieve this, the telecom firm plans to invest $96 million which will be divided in three. $62 million will be spent to modernize and extend the network, $16 million will be used to develop technological services...

The state of Congo has denounced as unilateral, the decision by US firm, Freeport McMoran, to exit Tenke Fungurume Mining (TFM), the country’s leading copper producer. It also said it got the news through media, from a press release dated May 9, 2016, published by the American firm, indicating that agreements related to the sales of its stake in TFM were “definitive”. While waiting for...

The government of Morocco plans to ask IMF a precautionary and liquidity line (PLL), Minister of Finance, Mohamed Boussaid, said on May 23, 2016. “The amount and other details related to the line will be discussed later,” he said. The IMF has, in 2014, granted Morocco a $5 billion precautionary and liquidity line which will expire in August 2016. A PLL is an IMF loan which allows the...

The South African pharmaceutical, Ascendis health Ltd, has announced on May 24, 2016, it has signed agreements to buy two pharmaceutical firms in Europe. Cyprus-based Remedica Holdings Lth, for between €260 million and €335 million and Scitec International, previously owned by polish investment fund Enterprise Investors, for €170 million. With these acquisitions, Ascendis...

In a release published on May 22, 2016, on its website, the African Development Bank (AfDB) revealed that its board approved on May 18, 2016, a €52.04 million loan to the government of Congo Republic. The loan will serve to finance the installation of fiber optic across the country under the Central Africa Backbone (CAB) project. Launched in 2007, the CAB intends to connect every nation...

South African state-owned power utility Eskom said it has distributed 1.3 million economic energy-saving bulbs over the past six months. The four provinces which benefited from this project are kw-Zulu Natal, Western Cape, Eastern Cap and Free State. The bulbs will help save 67 MW, enough to power 80% of a town as big as Mthata (120,000 residents). “Auditors will do random visits to some...

The Egyptian parliament should approve by vote today, Tuesday May 24, 2016, a loan agreement for $243 million, between the Central Bank of Egypt and the Arab monetary fund, local media revealed. This loan from the Arab monetary fund will be paid back 18 months after it is received, with an interest rate of 1.2% and service fees of 0.25% on the loan’s first tranche. The purpose of the...

The Ghana Stock Exchange will have to wait a bit more before receiving the Agricultural Development Bank according to recent news regarding its Initial Public Offering, which at the end of March 2016, mobilized a record sum ($119 million) in Ghana. The firm said in a statement it was not in phase with investors who acquired shares available to public. Twice already, has the Ghanaian government...