The Consumer Federation of Kenya (COFEK) on Friday opposed the Sh1.42 price reduction announced by the Energy and Regulatory Commission (ERC) on Thursday for petrol, kerosene and diesel. "This is such a shock. We were expecting a reduction of not less than Sh10 because the main determinant of the price is not the tax but the cost of actual crude”, Stephen Mutoro (photo), COFEK’s Secretary...

Mozambique’s economy should record an average growth of 24% a year between 2021 and 2025 due to the massive investments injected in its large natural gas deposits over the recent years, a report published by IMF on January 15 reveals.  “The exploitation of the large natural gas deposits discovered in the Rovuma basin, off the North-western shores of the country, should attract $100...

The Canal+ TV group announced that it will start broadcasting its A+ channel in France starting from February 9, 2016. This is the first step towards conquering African Diasporas worldwide. “We will go as far as Canada”, said Jacques du Puy, President of Canal+ Overseas, the group’s international division. In France, the channel will be available as an option to CanalSat subscribers...

The African cashew sector remains on the rise. Experts say production for the crop in the region in 2016 could surge to 1.8 million tons thus recording a 20% growth. The N’kalo bulletin indicates that farmers will get FCFA450 per Kg as global demand for this crop ceases not increasing, especially in the US and India where it recorded a 10% increase. This would be due to the current drought...

The National Oil Corp (NOC) of Libya on Thursday, disclosed that a major oil pipeline located south of the Ras Lanuf terminal was hit by an explosion overnight. According to an NOC spokesman, Mohamed al-Harari, the cause of the explosion was not clear as the pipeline which runs from the Tibisti and Bayda fields had been closed for over two years. Meanwhile, an official based in eastern...

Air Côte d’Ivoire just announced that direct flights from Abidjan to Abuja would be possible starting from February 1, 2016, on a three-time per week basis (Mondays, Wednesdays and Saturdays). The airline is already operating flights to Nigeria, notably from Abidjan to Lagos. The Abidjan-Abuja flight costs FCFA183,000 without tax while that to Lagos costs FCFA220,000, VAT included. Air...

In Ghana, following the notice of the closure of the Atuabo Gas Processing Plant on January 3, an energy analyst Kojo Poku on Thursday revealed that gas from the Jubilee oil fields will be flared for the period that the Plant will be shut down. According to Poku, the flaring is compulsory as the country lack a gas storage facility and natural gas can only be stored when it is liquefied. “We...

Cote d’Ivoire successfully proceeded to its first sukuk issue. The country was able to obtain $245 million (FCFA150 billion) from the WAEMU (West African Economic and Monetary Union) market by issuing Islamic bonds between November 20 and December 21, a release dated January 13, 2016, from the public treasury reveals. The geographical distribution of subscriptions to the “Sukuk Etat de...

Tullow Oil in its Trading Statement and Operational Update revealed that the successful Etom-2 result and further prospectivity pointed out on the new 3D seismic data around the greater Etom area and northern part of the South Lokichar Basin, signifies that there are still substantial exploration potential remaining. According to the company, plans for more exploration drilling is to be...

In an economic environment presently dominated by a fear of investing in Africa due to the fall in prices of oil and other commodities, the French businessman Vincent Bolloré clearly reveals his afro-optimism. Truly, the business mogul who has assets in the logistic, transport, power, agriculture and media sectors of the continent said in an interview published on January 13, 2016, by the French...