In South Africa, Associated British Foods who holds a 51.35% stake in Illovo Sugar said it wishes to buy the rest of sugar producer. This offer comes as Illovo’s share, over the past year, lost about half of its value due to the severe drought that South Africa currently faces. ABF’s offer is 20% higher than Ilovo’s share average value over the last three months says John Bason who heads...

Norwegian investment fund Norfund plans to invest in the renewable energy and finance sectors in Ghana in the framework of its expansion strategy in West Africa, Bloomberg reported on February 7 citing one the firm’s executive.   “Norfund started looking at opportunities in West Africa during the second half of last year. We’ve already identified two opportunities in the...

The International Energy Agency in its monthly market report revealed that the oversupply in the global market will be higher in H1 of 2016 than initial estimate, escalating the risk of more price falls as Iran and Iraq boost production while demand growth reduces. According to the Agency, supply is likely to surpass consumption by 1.75 million bpd, compared to an estimate of 1.5 million in...

Circle Oil in its operational and financial update announced that in conjunction with Office National des Hydrocarbures et des Mines (ONHYM), it has entered into a Memorandum of Understanding (MOU) with SBS Porcher in Morocco.  The MOU allows Circle oil to sell the gas found during the Sebou drilling campaign. Under the agreement, a new pipeline extension about 15-18 km will be built to...

President Omar El-Béchir has commissioned the Um-Dabakir thermal plant. Located in Kosti, 300 Km from Khartoum, the 500 MW thermal power plant which cost about $457 million is the country’s biggest thermal plant. The infrastructure has four production units, each generating 125 MW. The 18,000 barrels of oil used to power the plant daily will be supplied by the     ...

In Mauritius, Mr. Hassenjee Ruhomally and Ms. Fareenah Ruhomally are being sued by Housing and Land Minister Showkutally Soodhun. They are accused of sharing, on Facebook, a “fake” bill indicating that the Minister was supposedly treated at the Apollo Bramwell hospital and supposedly benefited from the cancellation of charges amounting to 396,176 Mauritian rupees ($11,000). The minister...

The French insurance company Axa will become a shareholder in the South African firm Africa internet Group (AIG), owner of Africa’s major e-commerce platforms such as Jumia, Kaymu (online shopping), Hellofood (food delivery), Jovago (tourism reservation), Lamudi (small housing ads), Everjobs (job ads) anc Carmudi (car sales). Axa acquired 8% of AIG for €75 million. Other shareholders...

SDX Energy Inc. has announced that the Al Amir SE-23 (AASE-23) development well in North West Gemsa, has come across substantial oil bearing reservoir sections in both the Kareem Rahmi and Shagar formations in Egypt. The well was spud to a depth of 9,900 ft where both the Shagar and Rahmi oil reservoirs were found.  Studies points out 23 ft of net Shagar oil pay and 28 feet of net Rahmi oil...

In a statement published on February 8, 2016, on its website, French telecom company Orange announced the signing of an agreement with the Luxembourg telecom group Millicom International Cellular regarding the acquisition of its subsidiary Tigo in the Democratic Republic of Congo. Millicom said the amount of the transaction is $160 million. With nearly 40 million subscribers, DR Congo is...

First Mining Corporation has completed the acquisition of all shares of Goldrush Resources. The agreement related to the transaction plans for shareholders of Goldrush Resources which is active in gold exploration in Burkina Faso will receive, in exchange for ea ch of their share, 0.0714 common shares in First Mining. Subsequent to the transaction, Goldrush will be de-listed from the TSXV....