Brazilian state-owned oil giant Petrobras has secured 90% operating stakes in eight offshore exploration blocks in Côte d’Ivoire, deepening its expansion into Africa as it searches for new oil and gas reserves. Petrobras has secured 90% operating stakes in eight Ivorian offshore blocks. State-owned Petroci will hold the remaining 10% in each block. The deals…
Japanese chocolate maker Meiji is expanding its involvement in Ghana’s cocoa industry through new agreements covering sustainable production, agroforestry and the conversion of farm waste into useful products. Ghana is strengthening its cocoa partnership with Japan and Meiji Holdings. The country wants at least 50% of its cocoa processed locally. The agreement focuses on sustainable…
Ethiopian Airlines is returning to Durban with daily flights to Addis Ababa, nine years after the African aviation giant suspended the route because of seasonal demand pressures. Ethiopian Airlines will resume daily flights between Durban and Addis Ababa. The new service begins on December 11 using a Boeing 737 MAX. The route was suspended in…
Airtel Money is scaling back the size of its planned London initial public offering, with the African mobile money business now seeking to raise at least $800 million after feedback from potential investors. Airtel Money is targeting at least $800 million from a London IPO. The new target is below its earlier $1.5 billion–$2 billion…
South Africa has opened its first Club Med resort, a more than R2 billion ($122.69 million) development that President Cyril Ramaphosa described as the country’s biggest hospitality investment in nearly five decades. South Africa has opened its first Club Med resort in Tinley Manor, KwaZulu-Natal, marking the country’s largest hospitality investment in nearly 50 years.…
Aliko Dangote’s business empire today is difficult to miss. His $1.6 billion Dangote Refinery IPO has attracted huge interest from Nigerian retail investors and international institutions, valuing the 700,000-barrel-per-day refinery at about $47.6 billion. Aliko Dangote’s business empire, now valued at over $51.3 billion, was shaped not only by success but also by high-profile failures…
Zambia is lining up five new company listings that could raise about $1 billion, while preparing to launch the country’s first gold exchange-traded fund (ETF) before the end of October. Zambia is targeting about $1 billion from five new company listings. Two of the listings could happen before the end of 2026. LuSE plans to…
Saudi Arabia has turned to China for help containing Yemen’s Iran-backed Houthis after U.S. President Donald Trump declined a request from Crown Prince Mohammed bin Salman for American strikes against the group. Saudi Arabia turned to China for help against Yemen’s Iran-backed Houthis after the U.S. declined to carry out military strikes. China diplomatically asked…
A disruption to Middle Eastern exports has removed approximately 36 million tonnes of liquefied natural gas from the global market, creating a rare opening for African producers as buyers search for supplies outside the Gulf. The Middle East war has removed approximately 36 million tonnes of LNG from the global market. Asian spot prices have…
