Market News Page No. 507| Africa Business News

Kenya Power plans to outsource the entire metering process

Managing Director Ben Chumo confirmed that the initiative is also aimed at eliminating corruption which for a long time has denied the company huge sums in revenue. “Our focus as a company is to ensure meter reading and billing is professionally done,” he said in an interview in his Stima Plaza office. For a long time, Mr Chumo added, the company has been faced with graft where some personnel conspire with customers.... Read more »

Posted on : Monday , 26th January 2015

Eni announces a new oil and gas discovery in the Western Desert of Egypt

In the last three years, in the Western Desert of Egypt Eni has doubled its oil production through exploration of deep sequences. Eni has announced a new discovery of oil and gas in the West Melehia deep exploration prospect, located in the Melehia licence, in the Western Desert of Egypt, 300 square kilometers west of Alexandria. The exploration well, which allowed the discovery of Melehia West Deep 1X, was drilled to a depth of 4,175.... Read more »

Posted on : Saturday , 24th January 2015

Otakikpo a "robust" project for Lekoil

Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, announces the completion of an Addendum to the Competent Persons Report on the Otakikpo Marginal Field by AGR TRACS International Ltd, the authors of the original CPR in September 2014. The Addendum to the September 2014 CPR covers the recent progress on the project following approval, in early December 2014, by.... Read more »

Posted on : Saturday , 24th January 2015

Kenya exploration and appraisal update from Tullow Oil

Further exploration activities in the North Kerio Basin to be considered after Epir-1 exploration well demonstrates working petroleum system. Ngamia and Amosing appraisal wells suspended for use in Extended Well Test. Tullow Oil plc (LSE: TLW) provides an update on a series of exploration and appraisal activities in onshore Kenya Blocks 10BB, 13T and 10BA. Epir-1 exploration result The Epir-1 exploration well is located.... Read more »

Posted on : Saturday , 24th January 2015

Base Resources' Kenya mine revenue to rise 12 pct in 2015/16

Australia's Base Resources expects revenue from its Kenya titanium mine to climb 12 percent in its next financial year to June 2016 due to an 8 percent rise in export volumes, Managing Director Tim Carstens said on Tuesday. East Africa's largest economy is seeking to expand its relatively modest and undeveloped mining sector, and the flagship $305 million Base Resources project is seen as integral to that plan. Carstens told a conference call.... Read more »

Posted on : Saturday , 24th January 2015

Ultra Modern Stadium Planned in Kenya

Government in conjunction with Netherlands firm set to put up ultra modern stadia in three counties A team of stadium experts from Netherlands and Kenya, yesterday visited the site where the High Altitude ultra-modern stadium is set to be built in Eldoret. The project is part of the Jubilee government's pledge to construct the five high altitude stadiums in different parts of the country. Sports Kenya, The Stadium Consultancy (TSC) of.... Read more »

Posted on : Saturday , 24th January 2015

Green Energy Development in Kenya, Says Ruto

Davos — The Government plans to provide electricity to at least 70 percent of Kenyans in the next three years, Deputy President William Ruto has said. Speaking in Davos, Switzerland, Ruto said the government had engaged in the ambitious project including infrastructural development so as to spur economic growth. He said Kenya wanted to create the environment that will attract investment to the country and create.... Read more »

Posted on : Monday , 26th September 2016

Timely Completion of Power Projects Promised by Tanesco Power Board

The newly appointed Tanzania Electric Supply Company (Tanesco) Board of Directors has pledged to fully support the country's power development projects and facilitate their early completion to tackle the existing electricity problems. The Chairman of the Board, Dr Mighanda Manyahi, made the remarks in Dar es Salaam during the newly appointed Tanesco Board of Directors' visit to six power plants in the city. Dr Manyahi pointed out that.... Read more »

Posted on : Saturday , 24th January 2015

Kilwa Residents Gain Sh361 Million From Timber Exports

Commodities in Kilwa District have earned 200,000 US dollars (361.5m/-) from timber exports to Europe in the past ten years. In a statement, Mpingo Conservation and Development Initiative (MCDI) said nine communities set aside 100,000 hectares of village natural forests with sustainable harvesting for exports. "MCDI also supported seven communities in the nearby Liwale and Tunduru Districts to reserve 80,000 hectares of forest in.... Read more »

Posted on : Saturday , 24th January 2015

Crop Export to rise in Kenya

Farmers' groups have been urged to export their produce to other African countries. Launching the Nyamarura Farmers' Self-Help Group, Egerton University's Adijah Olubandwa said the groups should stop relying on domestic markets. Olubandwa was speaking at Charagita, Nyandarua West sub-county, on Wednesday. "Our students are highly qualified in agriculture and community development and can help the groups.... Read more »

Posted on : Saturday , 24th January 2015

Boost in Kenya's mining revenue

Kenya's mining revenues stood at Sh600 million in the first half of the 2014/2015 financial year, boosted by royalties from increased mineral exploration, Cabinet Secretary Najib Balala said yesterday. "We are hopeful that the Sh1.2 billion target for the current year will be achieved by end of this financial year," Balala said. According to the Economic Survey 2104, the total value of mineral output declined by.... Read more »

Posted on : Saturday , 24th January 2015

Solar to grab bigger slice of Kenya's clean energy pie

NAIROBI (Thomson Reuters Foundation) - Kenya is moving to boost its solar energy capacity, with a new plant now under construction aiming to start producing electricity for the national grid by January 2016. This heralds a shift in the balance of the country's efforts to embrace renewable energy, which have so far focused on hydropower, geothermal and a small amount of wind. Independent power producer Greenmillenia Energy Limited .... Read more »

Posted on : Friday , 23rd January 2015