The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) on Monday declared that he wants non-OPEC oil producers to help in curbing the global supply glut. “It is vital the market addresses the issue of the stock overhang. It should be viewed as something OPEC and non-OPEC tackle together,” Secretary-General Abdalla El-Badri said at a conference in London. He added...

Egypt’s Minister of Petroleum, Tareq Al-Mulla, has revealed that the sharp fall in the prices of crude oil in the international market will have bad effects on foreign oil companies working in the country. « This decline is a major challenge for the foreign oil companies working in Egypt in financing investments in fields of research, exploration and speed in which oil fields are...

The agrofood company Juhayna Food Industries made in Egypt, a net profit of EGP279 million ($36.6 million) for the 2015 year which ended on December 31st. This represents an increase of EGP170 million compared to net profit in 2014. The Egyptian Stock Exchange of course welcomed the news. The firm’s share on the bourse soared 1.86% on January 24, 2016. However, observers estimate that the...

At the end of December 2015, Ivorian subsidiary of BRVM-listed firm Société Générale joined the top 30 companies in sub Saharan Africa by market capitalization, South Africa excluded, established by Hartland-Peel. With $690 million of market capitalization at the end of the benchmark period, Cote d’Ivoire’s most important bank in terms of volume of assets ranked 26th on the list...

In an analysis review published on October 26, 2015, the rating agency Moody’s said a prolonged low oil price could cause Nigerian banks to see their cash flow in dollars drained and their balance sheet position strained. After falling 5% last week, oil prices once again went above $32. This, according to observers, is due to the cold wind that blew over Europe and Northern American and...

Libya witnessed another explosion on Sunday as five of the terminal's 13 tanks were damaged in the blaze at the oil facility in Ras Lanuf. According to the National Oil Corporation (NOC), at least, 3 million BO was lost and the terminal will currently be facing a long shut down. Meanwhile Petroleum Facilities Guard spokesman, Ali al-Hassi, noted that authorities were still evaluating the...

Egypt has entered into a 5-year deal with Saudi Arabia to get around $20 billion of oil products, a government official revealed. According to the official, the deal provides easy payment terms for Egypt. He said further details of the deal is to be announced publicly at a ceremony attended by both heads of state. The official disclosed that the two countries have also concluded a 3-month...

Ophir Energy on Monday announced that it has entered into a head of terms agreement with Schlumberger in which the latter will take a 40% economic interest in the Fortuna project offshore Equatorial Guinea. According to Share Cast news, the agreement which is expected to be signed in Q2 of 2016 allows Schlumberger to pay 50% of Ophir's past expenses in the form of a development carried interest...

As Tunisia currently faces some social turmoil, French President Francois Hollande promised an aid of €1 billion to help the country face the crisis. “France will implement a plan, involving the provision of €1 billion and extending over 5 years, to support Tunisia”, the French President said in a release published on January 22 at the close of a meeting between him and...

Egyptian Natural Gas Holding Company (EGAS) on Friday revealed that in December 2015, it suspended a liquefied natural gas (LNG) delivery from BP till later this year, Reuters reports. BP’s LNG carrier, British Sapphire, was diverted to Brazil instead of discharging in Egypt due to payment issues, traders said. “This is completely untrue”, EGAS Chairman Khaled Abdel Badie (photo)...