Market News Page No. 71| Africa Business News

Tanzania's New Mining Equipment Cuts Production Costs

THE STATE MINING Organization (STAMICO) has purchased trucks and machineries worth 1.8 billion/- for drilling and exploring services in an effort to avoid leasing such equipment, which was costing the corporation millions of shillings. Professor Simon Msanjila, Permanent Secretary in the Ministry of Minerals, stated following the formal inauguration of the brand new machines that the new invention sought to increase the corporation's.... Read more »

Posted on : Friday , 24th December 2021

Tanzania's Recovery Gathers Pace With Increase In Exports

The economic recovery is gaining momentum as Tanzania has recorded an increase in exports of goods and services, as well as the provision of loans to finance economic activities by the private sector. According to the Bank of Tanzania's monthly economic review, exports of goods and services amounted to $9.56 billion in the year to October 31, 2021, higher than the $8.63 billion in the corresponding period in 2020. This was driven.... Read more »

Posted on : Wednesday , 12th January 2022

Tanzania Inaugurates Phase 1 of Egypt's $35 Million Elsewedy Industrial Complex

Tanzanian President Samia Hassan inaugurated the 1st phase of Egypt's Elsewedy Industrial Complex in Tanzania, which includes investments totalling $35 million, Elsewedy Electric said in a statement on 6th Dec 2021. The president, accompanied with Egyptian and Tanzanian key officials, also laid the foundation stone of the Egyptian Industrial City (EIC) in the Kigamboni district of Dar Es Salaam. Built on 120,100 square metres, the.... Read more »

Posted on : Wednesday , 12th January 2022

KenGen to Take Over Garissa Solar Plant

Power Producer Kenya Electricity Generating Company (KenGen) will manage the Sh13. 5 billion Garissa solar power plant built by the Rural Electrification and Renewable Energy Corporation (REREC). The 54.6 MW plant, located 15km from Garissa Town, was commissioned by President Uhuru Kenyatta in the year 2019 and is the latest initiative to cut the country's reliance on expensive thermal power. Energy Principal Secretary Gordon.... Read more »

Posted on : Friday , 14th January 2022

Five African Countries Shine a Light on Renewables As They Deliver Powerful Investment Pitches at the Africa Energy Marketplace

Five African countries presented their investment cases at the recent Africa Energy Marketplace, which brought together governments, the private sector and development partners, to highlight strategic projects and key energy sector reforms. The countries" pitches also emphasized the scale of renewable resources among their key priorities. The theme of the 5th African Energy Marketplace, held virtually between 26 and 29 October 2021, was.... Read more »

Posted on : Friday , 14th January 2022

KENYA: Gitson Energy Wins Case for Its 300 MW Wind Project in Bubisa

Good news for Gitson Energy. The Kenyan diaspora-owned company is getting a favourable ruling after 5 years of legal proceedings over the construction of a 300 MW wind farm in Bubisa, a community in Marsabit County. Kenya’s High Court ordered the Ministry of Energy and the industry regulator, the Energy and Petroleum Regulatory Authority (EPRA), to include the 300 MW wind farm in its list of approved power projects. The clean energy.... Read more »

Posted on : Friday , 17th December 2021

KEPSA Signs Large-Scale Green Energy Projects Mou in Kenya

The Kenya Private Sector Alliance (KEPSA) has signed a Memorandum of Understanding (MoU) with green energy company Fortescue Future Industries (FFI) to help facilitate its members participation in new large scale green energy projects in Kenya. FFI, a wholly owned subsidiary of Australian iron ore company Fortescue Metals Group Limited (Fortescue), is in the process of assessing a proposed integrated large scale green hydrogen and green.... Read more »

Posted on : Friday , 17th December 2021

Museveni Heads to Tanzania for Oil Pipeline Discussion

President Yoweri Museveni of Uganda is scheduled to visit Tanzania this weekend for an oil and gas conference and bilateral discussions with Tanzanian counterpart Samia Suluhu Hassan.According to aides, President Museveni will deliver a keynote speech at a private-sector-organized conference on the 1,445-kilometer East African Crude Oil Pipeline (EACOP) project's potential.President Museveni's deputy press secretary, Farouk Kirunda, said that.... Read more »

Posted on : Thursday , 9th December 2021

Kenya's New Sh40bn Oil Terminal Nears Completion

Kenya will quadruple its capacity to handle transit petroleum products to Uganda, Rwanda, and Burundi when the new Kipevu Oil Terminal in Mombasa is completed in January 2022, up from 35,000 tonnes now.The new terminal, which cost $385 million, can handle up to four vessels at once, whereas the old terminal could only handle one.The port is projected to lower the cost of petroleum products by lowering demurrage, or the extra time required to.... Read more »

Posted on : Wednesday , 8th December 2021

Experts from the EAC will identify investment incentives for antibiotic production

Experts from the East African Community (EAC) member nations began a two-day workshop on Wednesday with the goal of developing financial incentives for antibiotics manufacturing in the region. The pharmaceutical sector was one of the priority sectors for the EAC's industrialization policy, according to Jean Baptiste Havugimana, the EAC director of Productive Sectors, who spoke at the meeting in Arusha, Tanzania's northern capital. As.... Read more »

Posted on : Wednesday , 8th December 2021

Hester Biosciences to acquire 50% stake in Tanzania’s Thrishool Exim

Hester Biosciences Limited has announced that its international arm, Hester India, has agreed to buy a 50% share in Tanzania's Thrishool Exim Limited. Hester will benefit from the acquisition by expanding its distribution footprint in Tanzania and across the African continent. According to a statement, the proposed stake acquisition will cost $2.25 million. Tanzanian regulatory approvals are required for the proposed.... Read more »

Posted on : Wednesday , 8th December 2021

China pledged to promote bilateral trade ties with Uganda: FM

According to visiting Chinese State Councilor and Foreign Minister Wang Yi, China vowed to take bilateral trade between China and Uganda, as well as China and Africa, to new heights. Wang made the statements during a meeting with Ugandan Foreign Minister Jeje Odongo on the sidelines of the Forum on China-Africa Cooperation's Eighth Ministerial Conference (FOCAC). Wang said China will focus on the nine projects and take actual actions.... Read more »

Posted on : Tuesday , 7th December 2021