Today in Egypt, SacOil through its subsidiary Mena International Petroleum has commenced drilling on the Lagia 11 well situated within the Lagia oilfield in Sinai, offshore Egypt. The Lagia 11 well is part of the phase 2 field development operations which includes five wells (Lagia 11, 12, 13, 14 and 15) aimed at boosting and optimizing production. They are to be drilled with the contracted...

In Egypt, the Minister of Petroleum Tarek El Molla (photo) on Sunday announced that the country has signed a Memorandum of Understanding (MoU) with Iraq for the importation of Oil as well as natural gas. According to a statement issued from the ministry, the contract was part of an agreement between Egypt, Iraq and Jordan. Under the agreement, Iraq is to supply the two other countries with...

In Côte d’Ivoire, Séman will soon welcome a cassava processing plant. The infrastructure, which construction will require an investment of FCfa 100 million will enable the production of “high quality” flour. According to Jean-François Koblavi Diby, who is part of the executive of the autonomous district of Yamoussoukro, the construction works for the plant will begin in January 2016....

Green Energy Park now hosts the first solar-powered mobile desalination plant made in Morocco. The structure which produces approximately 5m3 of water per hour is made of 57 solar panels and 18 thermal panels which provide all the energy it needs to work. In addition to being mobile and energy-sufficient, it can be quickly installed, which makes it ideal for isolated populations and small...

Over the first 10 months of the year, one new car out of three sold in Algeria was from Renault, BFM Business revealed. The French manufacturer can congratulate itself on the investment of € 50 million for the construction of a plant in Oran, of which the Algerian state owns 51% shares. “In Algeria, Renault secured a market share of 33.6% over the first ten months of 2015, against...

After being one of the first African financial institutions to put respect for ecosystems in funded projects as a main concern, the West African Development Bank (WADB) just adopted a real "Environment and Climate Strategy 2015-2019" which aim is to lay the foundations for green growth in the ECOWAS. This roadmap focuses on three main areas: Strengthening the capacities of operational units in...

Morocco will start awarding Islamic banking licences from 2016, the governor of the Moroccan Central Bank, Abdellatif Jouahri (photo), announced on 12 November. "We will start awarding licences to Islamic banks from next year", he declared during a conference on Islamic finance which took place in Kuwait, indicating that the future Islamic banks will have to provide the authorities with reports...

The world top company in terms of water and waste management Veolia Environment announced, in a communiqué published in 13 November having won two contracts for water treatment in Zambia and Cameroon. In Zambia, the French group won, via its subsidiaries Veolia Water Technologies and Krüger A/S, a contract of Euros 93.8 million on refurbishing and developing water and wastewater treatment...

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, announced on 11 November that her institution would take a more important involvement in the development of Islamic banking, estimating that this sector could become a stability factor due to risk-sharing and exchange notions based on tangible assets. "Islamic banking could in principle become a financial...

Le Tchad est devenu le 38ème pays membre de la Banque africaine d’import-export (Afreximbank), a annoncé l’institution financière spécialisée dans le financement du commerce, dans un communiqué publié le 12 novembre. Chad became the 38th member country of the African Import Export Bank (Afreximbank), the financial institution specialised in trade funding announced in a communiqué...