World Bulletin / News Desk
South Africa has lifted a moratorium on shale gas exploration in the semi-arid Karoo region, where the extraction technique of "fracking" might be used to tap into some of the world's largest stocks of the energy source
Minister in the Presidency Collins Chabane said on Friday the cabinet has decided to lift a moratorium imposed in April of last year.
"Cabinet endorsed a recommendation of the report on the lifting of the afore-stated moratorium," Chabane told reporters.
According to an initial study commissioned by the U.S. energy information administration, South Africa has 485 trillion cubic feet of technically recoverable shale gas resources, most of which are located in the vast Karoo Basin.
The amount is the fifth largest of 32 countries included in the study and is pitched as a long-term solution for the energy problems of Africa's largest economy.
The area is home to gas reserves now being investigated by energy company Royal Dutch Shell and petrochemical group Sasol.
South Africa last year imposed a fracking moratorium on oil and gas exploration licences in the semi-arid region to gain time to examine the concerns of environmentalists who say the process would ruin the area and to study the potential gains.
The rate of loan growth to firms and consumers is a closely-watched indicator for the economic outlook.
Index sees rise of 6.8 pct from January to February, according to Turkish Statistical Institute
Since Britain voted last June to exit the European Union, the country's finance, car and airline sectors have been lobbying the loudest for continued access to the European single market.
France remained Germany's second largest trading partner while the US slipped from first to third place, as bilateral trade contracted by five percent to 165 billion euros.
Upcoming joint meeting seeks to tackle obstacles to trade between Turkey, Egypt
Next step in proposed Turkey-Israel natural gas pipeline project is to put words into action: Israeli conglomerate Delek
The unit was at 19.69 to the dollar, strengthening from around 19.90 on Thursday and up more than 10 percent from its record lows around 22.00 in early January.
The country's federal, state and local governments together achieved an overall surplus in their public finances of 23.7 billion euros ($25 billion) last year, according to Germany's statistics office Destatis.
Exchange rate dipped to as low as 3.5756 points, lowest figure since Jan 4.
European bank finances Turkey's Bozankaya, public transportation vehicles producer, to produce metro trains for Thailand
Net profit surged more than four times to £2.0 billion ($2.5 billion, 2.4 billion euros) in 2016 compared with net profit of £466 million a year earlier, LBG said in an earnings release.
Turkish lira becomes best performing emerging-market currency against U.S. dollar over last 3 weeks
ITC Executive Director Arancha Gonzalez says such moves would create 'snowball effect' of instability
Aude Fleurant, head of the armaments program at Sipri, told AFP that "competition is fierce among European producers" with France, Germany and Britain in the lead.
PSA, the parent company of France's Peugeot, Citroen and DS, has confirmed it is interested in taking over Opel, the German arm of US giant General Motors.
Progress has been made in Southern Gas Corridor project , says Azerbaijani president