Bank of China will commission in the coming weeks its subsidiary in Morocco, Infomédiaire.ma reported on December 21. The arrival of the oldest Chinese bank in Morocco was announced in 2014 during a visit of Bank of China’s executive vice-president, Yue Yi, in Casablanca. Founded in 1012, Bank of China is one of the 10 biggest banking groups in the world. Listed in Honh Kong and Shangai, it...

A poisoned christmas gift. That is what South African breeders are offering red meat lovers of the Rainbow nation. Indeed, pressured by drought and a scarce pasture, they were forced to slaughter their animals to preserve a part of their livestock. As a result, a fall in the prices of red meat was announced for the months of January and December. The Red Meat Producers Association said it was...

The Maghreb investment and external trade bank (BMICE) was officially launched during the general constitutive assembly held on December 21, in Tunis. The institution, with an initial capital of $150 million, has for mission to finance projects that are common to the five member states of the Arab Maghreb Union (Morocco, Algeria, Tunisia, Mauritania and Lybia) in the infrastructure,...

BG has for the second time suspended the connection of stage 9B to the Borollos fields to mid-2016 instead of the initial early 2016 agreed upon, due to Egypt’s late debts payment. According to a senior official at the Egyptian Ministry of Petroleum, the first suspension had brought about the pushing of the deadline for the connection of 9A to mid-2015. The official noted that stage 9B is the...

ITC Global, on Tuesday announced that it has been awarded two contracts for the provision of remote offshore communications to five West Africa based floating production, storage and offloading (FPSO) vessels. According to the satellite communications provider, the three years contracts includes the delivery of services to some leading European-based oil and gas companies like Saipem...

As a result of pipeline damage, Italian oil giant Eni on Monday declared force majeure on loadings from Nigeria’s LNG export plant, the company’s spokesman revealed. According to the spokesman, the declaration was as a result of an act of destruction on the Ogoda-Brass transport line. Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), operates the Ogoda-Brass and Tebidaba-Brass which are...

In Nigeria, one out of the three much awaited refineries which was shut down in August, September and October, respectively has been brought on stream. The Kaduna refinery which has a capacity of 110,000 bpd has resumed production, after it was shut down in September. “We are producing now. We resumed last week around Tuesday or Wednesday. Since then, we have continued progressively, bringing...

The Ministry of Petroleum has announced that the Egyptian Natural Gas Holding Company (EGAS) and the Arab Petroleum Pipeline Company (SUMED) has entered into the first contract for the exploitation of the Ain Sukhna Product Hub (ASPH) Jetty. The aim of this contract, is for a $324 million investment into infrastructure projects which will boost the country’s capability to transfer...

Could the harmattan adversely affect Côte d’Ivoire’s cocoa output this year? That is the question currently on the minds of experts as this Saharan dry wind blowing over West Africa infiltrated Côte d’Ivoire’s cocoa belt few weeks earlier than expected. If the harmattan was to prolonge, it could kill the young pods and affect soil humidity, thus shrinking the size of beans. Out of the...

With MTN Rahura, MTN Rwanda allows its customers to buy electricity on credit. “This soft loan facility will see MTN Mobile Money customers get advance credit to buy electricity tokens and repay the debt later,” said MTN Rwanda’s CEO, Gunter Engling. This service will allow customers whose electricity units have been exhausted whilst lacking cash to prepay electricity. Accessible to MTN...