Category: INTERNATIONAL
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Kenya crude oil profit level upped to $34 a barrel
Kenya has announced it can only make a profit from oil sales at $34 (sh3,434) and above per barrel ahead of small-scale crude exports next year. The Ministry of Energy on Friday gave the break-even cost that is higher than the $25 (Sh2, 525) a barrel issued by British explorer Tullow Oil in February. Kenyan…
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Nigeria signs $80 bln of oil, gas infrastructure deals with China
Nigeria has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, the West African country’s state oil company said on Thursday. Nigeria, an OPEC member which was until recently Africa’s biggest oil producer, relies on crude sales for around 70 percent of national income, but its oil and gas infrastructure is in…
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South Africa:Wage talks deadlock between South African union Numsa, retail motor industry
Wage talks between South Africa’s main manufacturing union and employers in the auto component sector hit a deadlock on Friday, raising fears of labour unrest potentially affecting car makers such as Ford, Volkswagen and Toyota. The talks reached a stalemate after the National Union of Metal Workers of South Africa’s (Numsa) demand for a one-year…
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Egypt: Cockpit Voice Recorder of Egyptair Flight Ready for Information Extraction
Egyptian investigators said on Saturday that board components of cockpit voice recorder (CVR), one of the black boxes of doomed EgyptAir flight, were replaced to enable the reading of recorders of the CVR memory units. Egypt sent the flight’s black boxes, the CVR, and the flight data recorder (FDR), to France to be repaired after…
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Uganda: Govt, Tanzania Discuss Oil Pipeline
Ministry of Energy officials from Uganda and Tanzania will pitch camp in Hoima District for two days starting tomorrow to review progress of implementation plan for development of the proposed crude oil export pipeline. The Ugandan team is led by Energy minister Irene Muloni while the Tanzanian team is led by Muloni’s counterpart Prof Sospeter…
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Nigeria:How MTN sliced billions off its telecoms fine
Telecoms firm MTN hired former U.S. Attorney General Eric Holder in January to help it reduce a $3.9 billion fine imposed in Nigeria over unregistered SIM cards. Five months later, it struck a deal to pay less than half of that. The entrance of Holder, who stood down as attorney general last year after presiding…
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Nigeria: PIB – Buhari Urged to Stop Further Slips After U.S.$80 Billion Loss
President Muhammadu Buhari has been urged to intervene and secure the political will to stop further loss of investments after loss of $80billion direct foreign investment and another $10billion fresh investment were recorded in the oil sector due to the non-passage of the Petroleum Industry Bill (PIB). Experts in oil and gas and the civil…
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Algeria: Building Materials – Import Bill Declines, Quantities Widen
The import bill of building materials reached USD 965.32 million in the first five months of 2016 against USD 1.12 billion during the same period, i.e. a decrease by 14.24%, Customs told APS. Imported quantities (cement, iron, steel, wood and ceramic products) widened to 4.9 million tons against 4.61 million, i.e. an increase by 6.24%,…
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Rwanda: Brexit Unlikely to Affect Economy – Rwangombwa
Britain’s exit from European Union is unlikely to have any adverse impact on the Rwandan economy, central bank governor John Rwangombwa has said. Last week, UK voters went to the polls for a referendum to determine whether the country would remain part of the European Union (EU), with a majority 52 per cent opting to…
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Egypt’s Exports Increase By 7 PCT in May Amid Dollar Shortage
Egypt’s exports increased by 7 per cent in May compared to the same month last year, the Egyptian trade minister said on Tuesday, as the country’s cash-strapped economy continues to face a foreign currency shortage. Exports, a source of foreign currency, stood at $1.9 billion in May compared to $1.7 billion in the same month…