VENTURES AFRICA – Discussions aimed at selling Chevron’s assets in Egypt have progressed full steam ahead, well-placed sources told Reuters on Tuesday. It is believed that US’s second largest oil firm will generate about $300 million from the sale of these possessions. International oil majors are currently withdrawing from doing business in their “downstream operations” [...]

VENTURES AFRICA – The political instability in Egypt and neighbouring countries has hindered the influx of investment. Businesses’ are nervous about the political outlook and this has aggravated worries about Egypt’s infrastructure and regulation. Nevertheless, Egypt offers longstanding benefits for both local and international companies. And it is possible to cut through or minimise the [...]

VENTURES AFRICA – Emerging market-focused telecommunications company Millicom International Cellular S.A, invested an additional $45 million into Rocket Internet’s Africa online ventures, Jumia, Hellofood, Kaymu & Vamido. According to a CP-Africa report, the investment increases Millicom’s stake in Jumia Africa from 20 to 35 percent. Commenting on the investment, Millicom’s President and CEO, Hans-Holger Albrecht, said: [...]

VENTURES AFRICA – A Chinese trade delegation led by the Deputy Mayor of Chang Chun City, China, Gui Guangli has expressed intent to establish a truck manufacturing plant at the Calabar Free Trade Zone (CFTZ), Nigeria. Guangli revealed this during a courtesy call to Governor Liyel Imoke of Cross River State. He said the team [...]