Market News Page No. 507| Africa Business News

TPDC completes construction of Tanzania natural gas pipeline

Aminex has been informed by the Tanzanian Petroleum Development Corporation (TPDC) that the new regional pipeline to Dar es Salaam is now complete and hydrostatic pressure testing will begin shortly. The construction of the processing plant on Songo Songo Island is approximately 95 per cent complete and it is anticipated that the main pipeline contractor will hand over the management of the infrastructure including the processing plants to.... Read more »

Posted on : Monday , 25th May 2015

Africa Oil Announces US$100 Million Financing

Africa Oil Corp. is pleased to announce that it has entered into an investment agreement with Stampede Natural Resources S.a.r.l. ("Stampede"), an entity owned by a fund advised by Helios Investment Partners LLP ("Helios"), to sell, on a non-brokered private placement basis, 52,623,377 of its common shares at a price of CAD $2.31 for gross proceeds of CAD $121,560,000 (US $100 million(1)). Upon completing, Stampede would own.... Read more »

Posted on : Monday , 25th May 2015

Tanzania Sugar-Ethanol EcoEnergy Project Looking For Investors

The Bagamoyo EcoEnergy project (BEE Project) north of Dar Es Salaam, the commercial capital of Tanzania is looking for new investors for the project. BEE project is a special purpose project aimed at developing a modern sugar cane plantation and factory producing sugar, ethanol and power for the Tanzanian market. The project at full operations is expected to process approximately 1 million tonnes of sugar cane annually and.... Read more »

Posted on : Saturday , 23rd May 2015

Tanzania: Arusha Firm Manufactures, Exports Special Vehicles

Arusha — TANZANIA has started manufacturing special cars and going to the extent of exporting them to as far as South Africa and Europe. The Arusha-based factory, Hanspaul Automechs Limited, which fabricates specially designed 'Safari' vehicles, has started exporting its products, popularly known as 'War Buses' to the neighbouring country of Kenya, South-Africa and European countries. Vice-President, Dr Mohamed Gharib Bilal, recently.... Read more »

Posted on : Saturday , 23rd May 2015

Tanzania: Self-Driving Cars to Dar Roads By 2027

SELF driving cars which may come to Tanzania by 2027 will help reduce deaths on local roads, experts from an online car marketing portal, Carmudi Tanzania Limited said. In a statement, Carmudi said although the idea of a self driving car seems to be distant for the local market which is one of the most deadly when it comes to driving in Africa. "In addition to cutting costs, self driving cars can save lives. The majority of crashes in.... Read more »

Posted on : Saturday , 23rd May 2015

Ethiopian construction firm makes inroads in Tanzania

Flintstone Engineering, a little known Ethiopian firm, is targeting the Tanzanian market, thanks to a programme run by the German Technical Cooperation (GIZ). Currently, the company is undertaking a USD 3.5m National Housing Corporation project in Tanzania, said Flintstone founder and Chief Executive Officer, Moges Tadese. “In Tanzania we have only one project which we are doing alone and a second one with almost equivalent size.... Read more »

Posted on : Saturday , 23rd May 2015

Dangote Cement New Factory In Tanzania To Start Production In August 2015

Aliko Dangote, the owner of Dangote Cement announced that the new Tanzania factory is ready to start production by August 2015.The company who is the largest manufacturer of cement in the African continent is building a USD 500 million factory in southern Tanzania with an annual capacity of 3 million tonnes. The Tanzania plant will supply the domestic market and export to landlocked countries in the region and is expected to bring.... Read more »

Posted on : Friday , 22nd May 2015

World Bank Grants USD 45 Million To Develop Tanzania Mining Sector

The World Bank (WB) recently approved to grant USD 45 million to improve the socioeconomic impacts of Tanzania large and small-scale mining. According to WB the financing would build on the success of the ongoing Sustainable Management of Mineral Resources Project (SMMRP), which is undertaken by the government to manage, improve the regulatory framework, expand the country coverage by geological surveys and enhance the social and.... Read more »

Posted on : Friday , 22nd May 2015

Tanzania To Invest USD 11 Million To Increase Fuel Storage

Tanzania International Petroleum Reserves Limited (TIPER) will invest USD11 million to increase its fuel storage capacity from 141,000 cubic metres to 213,200 cubic metres. a. The investment will also increase operational efficiency. According to TIPER Managing Director Daniel Belair the overall objective is to reach a capacity of 313,200 cubic metres in the near future, to meet the sustainable growth of fuel.... Read more »

Posted on : Friday , 22nd May 2015

Ireland-based global life sciences company invests in Africa-focused biopharma startup

Serenus Biotherapeutics, Inc., a specialty biopharmaceutical company bridging the divide between the world’s leading pharmaceutical markets and the growing demand for access to innovative therapies in the emerging nations of Africa announced it had secured investment of up to $43 million from Malin Corporation plc, an Ireland-based global life sciences company focused on healthcare. Under the terms of the agreement, Malin will purchase.... Read more »

Posted on : Friday , 15th May 2015

Nigeria: Plastic Subsector to Grow By Seven Percent By 2025

The plastic subsector is expected to grow by seven percent over the next ten years, just as a positive outlook is projected for the packaging industry due to increased market demand and sophistication of the Nigerian consumers. Also, imports of food processing and packaging machinery witnessed an increase of €331 million in 2013, compared to €198 million in 2010, Managing Director, Fairtrade, Mr. Martin Marz, said this at the just.... Read more »

Posted on : Wednesday , 13th May 2015

Investing to Change Lives - IFC and AfDB Seek to Boost Private Sector in Africa

Enhancing partnerships with a view to boosting private sector as the driving force for sustainable and inclusive growth in Africa is one of the main priorities for the African Development Bank's Private Sector Department (OPSD) and the International Finance Corporation (IFC). For this reason, the African Development Bank hosted a high-level delegation from the IFC for two days of meetings on May 6 and 7, 2015 in Abidjan, to deepen.... Read more »

Posted on : Wednesday , 13th May 2015