Rating agency Fitch on March 7, has scaled down its forecast for global growth in 2016. The figure is now at 2.5% against 2.9% in December. The revision is as result of slowing investment in China and substantial decrease in public expenditures in commodity-producing nations. In its new report on global economic outlook, Fitch forecast a growth of 1.7% in 2016 in developed economies, against...

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has condemned moves by the Federal Government to split the Nigerian National Petroleum Corporation (NNPC), into 30 companies without following due process. Both have called the move, an effort to offend Oil and Gas workers and cause industrial crisis...

Amec Foster Wheeler on Friday announced that it has been granted a front-end engineering design (FEED) contract by Sonatrach SPA for three new refineries situated in Biskra, Tiaret and Hassi Messaoud, Algeria. The refineries are to have a capacity of 5 million tpa of Algerian crude oil each and have facilities for atmospheric distillation, Liquefied Petroleum Gas separation, hydrocrackers,...

Last week, the Tunisian Cell-com phone manufacturer and owner of the Evertek brand has opened a new store in Cote d’Ivoire. Located on the Playce space of the Carrefour de Marcory-Abidjan supermarket will exclusively sell Evertek mobile products. Fruit of a partnership signed in 2015 by Ivorian company Trina International SA and Cell-com Tunisie, the store reflects ambitions announced in 2011...

Egypt’s Natural Gas Holding Company (EGAS) has announced that it has made the first payments to liquefied natural gas (LNG) suppliers ever since the payment terms for deliveries were prolonged. According to Khaled Abdel Badie (photo), the head of EGAS, the company has made all payments that were owed on LNG shipments. He however did not disclose if it was the first payments this year. “We...

The Tanzania Petroleum Development Corporation (TPDC) has announced that works on the $4 billion Tanga-Uganda oil pipeline will commence in August 2016 and is scheduled to be concluded within three years. According to TPDC’s Executive Director, James Mataragio, the project is to be performed by Tullow Oil plc, Total E&P and Cnooc. “We are working round the clock to enable the...

In South Africa, following years of suspension the government on Tuesday announced that the first exploration for shale gas in the country will commence in the next fiscal year. “One area of real opportunity for South Africa is the exploration of shale gas. Exploration activities are scheduled to commence in the next financial year. This will lead to excellent prospects for beneficiation and...

Off-grid solar panels could allow more than 100 homes worldwide to have power, according to Bloomberg New Energy Finance. Most of these consumers will be African and Asian emerging economies such as Kenya, Tanzania, Ethiopia, India and many more. “Much of the growth will continue to come from today’s large markets, while stronger economies with unstable electricity grids such as Nigeria may...

In Tanzania, the New Mara gold mine which is owned by CATA Mining will start operations between May and June, Minister of Energy and Minerals, Sospeter Muhongo, said. “The work you are seeing has taken almost one year and we are well prepared to start production,”said Mahuza Mumangi Nyakirang'ani, CATA Mining’s director. $54 million have already been invested in the implementation of...

Gabonese Minister of Communication, Alain-Claude Bilie-By-Nzé, has decided to trust Prime Minister to arbitrate the battle opposing him to private media regarding press subsidy. The Minister of Communication, denouncing press firms refusal to conform to regulation, established a commission which from February 15 to February 29 examined applications submitted for public subsidy. According to...