Kenya has started reviewing law and regulation governing Islamic finance so as to issue its first Sukuk in the 2016-2017 fiscal year, Reuters reported on Feb 17, citing Attorney General, Githu Muigai. “We are in full flight with the review of the entire regulatory framework governing Islamic finance to facilitate the issuance of issuance,” Muigai said on the sidelines on a conference on...

Speaking concerning the national strategy for renewable energies, Sonelgaz’s CEO, Noureddine Bouterfa said “it is technically a utopia”. Truly, Algeria plans to establish 22GW or 22,000MW of renewable energies by 2035. Bouterfa made the announcement at the opening of the 5th symposium of gas industry association, a few minutes after Minister of Power, Salah Khebri, mentioned this goal....

Eland Oil & Gas has announced that it plans to carry out work overs on its current wells so as to boost production from the Opuama field at a low cost. According to the company, the Opuama field located in OML40 in Nigeria produce very much in 2015, as the Opuama-1 well produced at a rate of 4,500 bopd at the end of the year, considerably higher compared to normal production during the year....

In the framework of 4th edition of the “Un etudiant-un ordinateur” (One computer-One student) programme, the government of Senegal has set aside, this year, a budget of 1.5 billion CFA to provide 20,000 computers to students, SeneNews reported. The budget was disclosed by Aboubacry Niane, director for funding of higher education institutions and national coordinator of the programme, on...

Deustch firm Amtrada just announced it has sold its Ivorian subsidiary Cipexi, specialized in cocoa export, to Swiss trader Origins. The deal which cost Origins €8 million allows it to be introduced into physical market on one hand and puts an end to Amtrada’s romance with Cote d’Ivoire on the other. Fabrice Laurent, one of the administrators of the Swiss trader, told Reuters that...

The Algerian state-owned company specialized in the construction of railway infrastructures IFRAFER and China Railway Construction Corporation (CRCC) signed in Algiers on Feb. 15 a Memorandum of Understanding for the establishment of joint venture specialized in the construction of railways, APS reports. The agreement was initialed by INFRAFER’s CEO, Slimane Bouchama, and deputy director...

Over the past two years, African subsidiaries of Maroc Telecom (Itissalat al Maghrib) have become more significant. Indeed, in 2013, these subsidiaries generated a global turnover of 7.75 billion dirham, about 27.5% of Maroc Telecom’s overall turnover (28.55 billion dirham). In 2015, the subsidiaries made 14 billion dirham, thus 41% of overall turnover, 34.14 billion dirham ($3.48 billion)....

Brent oil on Wednesday traded near $32 as shareholders wait to see if Iraq and Iran will cooperate with plans by Saudi Arabia and Russia to freeze production at January levels. Saudi’s Oil Minister Ali Al-Naimi had said that the deal to freeze production at January levels is the start of a process that will involve other moves to stabilize and improve the market. “Iraq and Iran are the...

Savannah Petroleum on Wednesday announced that it has entered into a framework contract with BGP Niger to provide 2D and 3D land seismic acquisition services regarding the R1/R2 and R3/R4 Product Sharing Contract (PSC) license areas on the Agadem Rift Basin in South east Niger. The Company expects works under the contract to begin in H1 of 2016, Energy-pedia reports. The blocks covers a c.13,...

OPEC members Saudi Arabia, Qatar and Venezuela, as well as non-OPEC producer Russia, have at last decided to keep production at January levels. “Freezing now at the January level is adequate for the market. The producers don’t want significant gyrations in prices, we want to meet demand. We want a stable oil price,” Ali Al-Naimi Saudi’s Oil Minister said. Although the production freeze...