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AFRICA OIL: Newcomer plans IPO on newcomer Plus market; CANDAX: Non-exec chairman; GEOGLOBAL: Egyptian block rights handed over in India play

Perenco to supply gas to Kribi plant; OCI to build Sidi Krir project; Chinese commit to $90m rural electrification scheme; Steel company orders equipment; HCB resumes supply to Zesa; Arab fund provides Roseires funding

With financing agreed for the 1,300MW Abu Qir expansion, the developers have issued a series of tenders. The Kuwait Fund for Arab Economic Development (KFAED) has announced plans to sign an agreement in February to part-finance the project.

Calgary-based TransGlobe Energy Corporation has agreed to acquire privately-held GHP Exploration for $40.2m to increase its stake in the West Gharib concession.

In addition to major state companies that have long been regarded as major Gulf investors abroad, such as Kuwait Foreign Petroleum Exploration Company (Kufpec), a number of Kuwait-based companies have been established in recent years with aspirations to become major E&P companies by investing in Africa and other emerging frontiers.

President Nicolas Sarkozy has said France is prepared to help Egypt develop civil nuclear power. “Egypt has considerable energy needs and it naturally envisages building nuclear reactors,” Sarkozy told Al-Ahram in a pre-visit interview.