Market News Page No. 283| Africa Business News | Afrotrade

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Kenya: Economy Expands By 6.2% in Second Quarter

Kenya's economy expanded by 6.2 per cent in the second quarter of 2016 compared to 5.9 per cent at the same period last year, the Kenya National Bureau of Statistics has announced. The growth was largely driven by expansion in agriculture, forestry and fishing, transportation and storage, real estate, and wholesale and retail trade. The value of exports of horticultural crops grew by 47.1 per cent in the quarter under.... Read more »

Posted on : Saturday , 1st October 2016

Tanzania: Nigerian Firm Eyes 1.4trn/ - Power Project in Dar

Lagos — Nigerian company, Egbin Power Plc, has expressed interest to invest 630 million US Dollars (about 1.4trn/-) in construction of a natural gasfired power plant in Tanzania. The major boost to the country's power generation is the newest public-private partnership project expected to turn around the energy sector in the East African nation. Speaking to Tanzanian journalists on a five-day tour of Nigeria.... Read more »

Posted on : Saturday , 1st October 2016

Tanzania: Food Vendors in Dar Sensitised On Renewable Use

Food vendors in Dar es Salaam have been asked to embark on the use of renewable energy to boost their business productivity and income. Speaking in Dar es Salaam yesterday, an expert and Chief Executive Officer of the Institute of Management and Entrepreneurship Development (IMED), Dr Donath Olomi, said that use of advanced source of energy was valuable in their business than the use of charcoal. "Use of the.... Read more »

Posted on : Saturday , 1st October 2016

Tanzania: Industrialisation Plan Feasible - TBL

Dar es Salaam — Tanzania's industrialisation goals are achievable, a Tanzania Breweries Limited (TBL) Group official has said. He calling upon the country to learn from others that have undergone through similar processes. The TBL Group and East Africa technical director, Mr Gavin Van Wijk, said by learning from other countries' experiences, Tanzania would be able to design the best industrialisation approach to.... Read more »

Posted on : Saturday , 1st October 2016

Kenya promises a more organized mining sector

During the first Mining Forum ever held in Kenya, Mining Cabinet Secretary Dan Kazungu said his country will strive to have more organized mining sector. Among the first steps the government will implement to work towards that goal is conducting a year-long airborne survey to map mineral deposits. With an initial funding of approximately $29.64 million, the objective of the study is to attract mining explorers particularly to the.... Read more »

Posted on : Saturday , 1st October 2016

Tanzania economy grows 7.9pc in second quarter

Tanzania's economy grew 7.9 per cent in the second quarter of 2016, compared to 5.8 per cent during the same time last year, the state-run National Bureau of Statistics said on Thursday. "The growth of GDP in the second quarter was driven by mining, manufacturing and energy sectors," Albina Chuwa, the director general of the bureau, told a news conference. "The increased production of natural gas has.... Read more »

Posted on : Saturday , 1st October 2016

Acacia back up to speed in Tanzania

Acacia Mining (LON:ACA) on Tuesday announced the successful restart of operations at its Bulyanhulu gold mine in Tanzania. Acacia, majority owned by Canada’s Barrick Gold (TSX, NYSE:ABX) said the process plant at Bulyanhulu, one of three mines in operates in the East African country is now operating at normal throughput levels. "Further work will be carried out during a planned plant shutdown in Q4 2016 with a.... Read more »

Posted on : Saturday , 1st October 2016

Kenya, Uganda set to position E. Africa as the next oil frontier

Kenya and Uganda are set to position East Africa as the next oil development frontier, Bloomberg Intelligence has said. The note based the findings on the discovery of several onshore deposits. They include the billion-barrel potential at Uganda’s Lake Albert and Kenya’s South Lokichar Basin. “While early-stage, with full development not expected until 2020 or later, accelerating drilling activity,.... Read more »

Posted on : Saturday , 1st October 2016

Kenya�s largest solar plant inks power sale deal

East Africa’s largest solar power plant in northern Kenya is set to add cheap power to the national grid for onward sale to homes and businesses. The Rural Electrification Authority (REA), which is developing the plant, has signed the power purchase agreement (PPA) with Kenya Power to sell electricity from the Sh13.7 billion solar plant at Sh12 ($0.12) per kilowatt hour (kWh) — about Sh8 cheaper than diesel-generated.... Read more »

Posted on : Saturday , 1st October 2016

Geothermal Development's turn to profit tilts energy mix

The Geothermal Development Company (GDC) broke the loss making streak to post Sh1.6 billion net profit in the full year ending June 2015 after inking a deal to sell steam from its Olkaria wells to the government. The State-owned firm generated its first revenue of Sh2.5 billion in the period under review being earnings from sale of underground steam to the Kenya Electricity Generating (KenGen) Co to produce geothermal.... Read more »

Posted on : Saturday , 1st October 2016

Chinese firm to build 50MW solar plant in Kenya

The Kenyan ministry of energy on Thursday signed a memorandum of understanding (MOU) with a Chinese firm to pave way for the construction of a 50 Megawatt solar plant in northeast Kenya's Garissa County. Cabinet Secretary for energy and petroleum Charles Keter said during the signing ceremony that the largest China-funded solar plant in east and central Africa will advance green agenda and inclusive development in.... Read more »

Posted on : Saturday , 1st October 2016

Toshiba to partner with Ethiopian power utility on geothermal development

Eastern Africa remains an important market for Japanese turbine suppliers. Toshiba Corp. has now announced the signing of a partnership agreement with the Ethiopian power utility. This follows similar partnership arrangements with Uganda, Tanzania and Djibouti. The company signed a comprehensive partnership agreement with Ethiopian Electric Power, that will see the parties collaborate in geothermal power generation projects and.... Read more »

Posted on : Thursday , 29th September 2016

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