Trade between Morocco and Cote d’Ivoire generated $200 million in 2015, soaring by 66% as compared to 2014, statistics published on March 29, 2016 by Ivorian government revealed. In 2010, these exchanges generated only $80 million. “Morocco is one of Cote d’Ivoire’s main commercial partners,” said Moroccan Minister-delegate to Minister of Industry, Trade, Investment and...

MX Oil on Wednesday announced that it has granted GEC Petroleum Development Company (GPDC) more time to gather finances as it planning to secure investment in the Aje field, offshore Nigeria. According to MX Oil’s spokesman funding took longer than planned, but it is assumed that it will be ready soon. “GPDC has informed us that they are committed to this transaction and, despite interest...

Chariot Oil and Gas has announced that it has entered into a farm-out agreement with Eni where the latter will acquire a 40% equity interest and operatorship, in the Rabat Deep Offshore exploration permits I-VI, offshore Morocco,Eni is to acquire this, in exchange for a carry on Chariot’s share of drilling expenditures on the JP-1 prospect. Under the agreement, the company will also carry...

The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu, has announced that the country is currently in talks with Chevron, Total and Eni, for assistance in refurbishing the outdated refineries in Nigeria. Nigeria, has been making efforts to resume operations from its nonoperational refineries in Port Harcourt, Warri and Kaduna so as to put an end to its reliance on expensive...

The Niger Delta Region, witnessed another pipeline explosion as three people were killed and seven wounded. According to an environmental group, the explosion took place at Olugboboro community in Bayelsa stateon Sunday during renovation works in the Southern Delta region, but bodies of the victims were recovered on Monday after the fire was brought under control. “The news of another tragic...

A consortium comprising producers, environmentalists and groups of Nigeria’s civic society urged the National Bio-safety Management (NABMA), national food regulatory agency, to reject commercialization of genetically modified maize and cotton, News Agency of Nigeria reports. The consortium decided to oppose the approval of GMOs introduction in the Nigerian market as Monsanto Agricultural...

ASX-listed Australian miner Mustang Resources Ltd, told its shareholders on March 25, 2016, it will acquire 90% of shareholding rights to n°6363L graphite exploration licence, and 95% rights to the n°7560L exploration licence, in Balama, Mozambique. The two licences that cover 2,085 km2 were transferred to Regius Resources group Ltd in September 2015. The transaction will be effective only...

In a statement published on March 25, 2016, World Bank announced it granted Benin a loan of $50 million to develop its tourism industry. The funding which was taken from the resources of International Development Association (IDA), World Bank’s fund for world’s poorest countries, will be used to finance the “new project for competitiveness and cross-border tourism” (PCTT in French)...

In Morocco, Société Nationale de Sidérurgie (SONASID) recorded a net loss of 62.1 million dirham in 2015. It is the third loss of the firm in the past six years, following 2010’s (-18.8 million dirham) and 2012’s (93 million dirham), this despite the joint-venture’s, controlled by SNI and Arcelor Mital, efforts to cut operational costs. In a profit warning to investors a few days ago,...

In Egypt, Social Fund for Development is studying an option to invest $1.1 billion in the power sector. This was told Amwal Al Ghad media last Sunday by a source close to the fund. The targeted project will be developed in one of the country’s border governorates. The potential investment falls under the fund’s new investment strategy which consists in injecting funds in significant...