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Sao Tome and Principe: AU deploys 25 observers to oversee elections

The African Union has deployed a Short-Term Election Observation (STO) Mission of 25 observers to oversee Sao Tome and Principe’s presidential election scheduled for July 17, the continental body said in a statement. “Headed by Armando Emilio Guebuza, the former President of the Republic of Mozambique, AU observers will be deployed in São Tomé and […]

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Nigeria: IMF Welcomes New Forex Policy

The International Monetary Fund on Thursday welcomed the decision by Nigeria government to abandon its currency peg and adopt a flexible exchange rate policy. The West African oil-rich nation said on Wednesday it would begin “purely” market-driven foreign currency trading next week, abandoning its 16-month peg and setting the stage for the naira to fall […]

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Angola: President Appoints Daughter Head of State Oil Firm

Angolan President Jose Eduardo dos Santos on Thursday appointed his daughter as new boss of the state oil firm, Sonangol. According to the presidential decree, the move was part of efforts by the government to turn around the struggling company after low crude prices hit revenue. The 43-year-old Isabel dos Santos, named by Forbes magazine […]

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Nigeria: Buhari Cancels Trip to Oil Polluted Niger Delta

Nigerian president Muhammadu Buhari on Thursday cancelled a visit to the oil-producing Niger Delta, hit by a series of militant attacks on oil and gas pipelines. The West-African nation’s Vice President Yemi Osinbajo will instead visit the restive southern region to launch a cleanup program of the Ogoniland, local media reported. The clean-up estimated to […]

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Abuja Plans Talks with Oil-Rich Delta Avengers

Nigerian President Muhammadu Buhari on Sunday said his administration will continue to crackdown on militants attacking oil pipelines in the Delta but also announced talks with leaders in the region to address their grievances. “The recent spate of attacks by militants disrupting oil and power installations will not distract us from engaging leaders in the […]

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Nigeria: President Buhari Calls for Economy Restructuring

The Nigerian President Muhammadu Buhari on Wednesday said there was no better time to diversify the West African nation’s economy than now. The Nigerian leader said, in a message to the 56th Annual General Conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, that his administration was determined to ensure the […]

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Nigerian: Oil output down after pipeline attacks

Nigeria’s oil minister on Monday said the oil production of the west-African nation has fallen by almost 40 percent due to militant attacks on facilities in the Delta region. Crude sales from the Delta account for 70 percent of national income in Africa’s biggest economy but residents, some of whom sympathize with the militants, have […]

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Algeria: We are in Control Despite Low Oil Prices, PM

Prime Minister Abdelmalek Sellal minimized the effects of the low global hydrocarbon prices at the launch of the 17th edition of the International Show of Tourism and Travel in Algiers by claiming that “Algeria has been able to overcome the economic shock” and has “managed to safeguard national stability.” Prices have fallen from above $100 […]

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Angola to Restructure Oil Sector

The Angolan Government on Wednesday said it will restructure the state oil firm Sonangol to “increase efficiency and profitability.” According to the country’s oil Minister Jose Maria Botelho de Vasconcelos, Sonangol will continue to focus on exploration and production while two new entities will be responsible for regulation and administration. Jose Maria Botelho de Vasconcelos […]

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Angola: Sonangol Discovers New Offshore Reserves

One of Africa’s largest companies, the Angola National Oil Company (Sonangol) on Thursday said it has discovered a global-scale of oil and gas reserves in the Kwanza basin that could total 2.2 billion barrels of oil equivalent. The reserves include a block Sonangol owns with BP. BP-operated Block 24 contains an estimated 280 million barrels […]

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