Market News Page No. 378| Africa Business News | Afrotrade

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Sonatrach Plans Production Boost for 2016

Sonatrach, the Algerian state-run oil and gas firm, is aiming to increase crude output by 5% in 2016, although the added production most likely won’t make up the revenues lost due to the near seven-year low crude prices. The North African country is looking to attract international companies to an auction of rights to develop oil and gas fields, including those with hard-to-reach tight deposits, Salah Mekmouche, Sonatrach VP of.... Read more »

Posted on : Tuesday , 22nd December 2015

Aker Solutions and Saipem to Team up on Subsea Projects

Aker Solutions and Saipem entered into an agreement that has them cooperating on targeted subsea oil and gas development projects globally. The companies will through a joint work group identify opportunities where they can create value for customers by combining Aker Solutions’ capabilities in subsea products and technologies with Saipem’s assets and expertise in engineering, procurement, construction and installation of subsea.... Read more »

Posted on : Tuesday , 22nd December 2015

Off Grid Electric Raises $45 Million in Debt Financing

Off Grid Electric, a micro-solar leasing platform for Africans, has raised $45 million in debt financing for solar power and battery storage. The Packard Foundation, Ceniarth, Calvert Foundation and other family offices will lend up to $40 million to the fund. The US Agency for International Development's Development Innovation Ventures program has also provided a $5 million grant. That brings Off Grid's investment total to $70 million.... Read more »

Posted on : Tuesday , 22nd December 2015

East Africa Business Council to Search for Investment in Northern Corridor

The East African Business Council will commission a study in January to identify investment opportunities on the Northern Corridor. EABC acting executive director Lilian Awinja said this is part of the lobby group's effort to get the private sector to participate more in the Northern Corridor Infrastructure Projects initiative (NCIP). "Our study will look at opportunities, magnitude of the projects, available incentives in.... Read more »

Posted on : Tuesday , 22nd December 2015

Construction on Mombasa�s port to begin in early 2017

Work on the second phase of Mombasa port’s second container is scheduled to commence in early 2017 portmombasa pixabay huskyherzThe port of Mombasa is a key trade gateway to and fro East Africa. Kenya Ports Authority managing director Gichiri Ndua said that the construction is likely to cost nearly US$213mn, and provide an additional capacity of 470,000 and 550,000 TEUs. Following this construction will be the development of.... Read more »

Posted on : Tuesday , 22nd December 2015

UK�s Energy to boost solar power in Africa

Nigerian vice-president Yemi Osinbanjo has signed an agreement with the UK government to increase the deployment of solar energy to the West African country’s rural communities solar succo pixabayThe campaign intends to accelerate the development of Africa’s emerging solar market, working with African governments, investors, businesses, NGOs, think tanks, and other donors. The signing follows the launch of the.... Read more »

Posted on : Tuesday , 22nd December 2015

RHINO RESOURCES ACQUIRES TWO OFFSHORE BLOCKS IN EAST AFRICA

Rhino Resources has announced it has expanded its African footprint with the recent acquisition of two offshore blocks in East Africa in the Comoros territorial waters. The two offshore blocks in East Africa include Blocks 17 and 24 in the Comoros territorial waters off Mozambique in East Africa a total of 11,947 square kilometres currently awaiting ratification by the National Assembly. “Rhino Resources is excited to further grow.... Read more »

Posted on : Tuesday , 22nd December 2015

Egypt Expanding LNG Infrastructure

Egyptian Ministry of Petroleum recently revealed a US$324 million investment into infrastructure projects that will increase the country’s capacity to transfer and handle petroleum products in Ain Sokhna. Minister of Petroleum and Mineral Resources Tarek El Molla said that securing petroleum and natural gas supply that could turn Egypt into an energy centre of the region is of high importance. Ministry revealed in a statement that.... Read more »

Posted on : Tuesday , 22nd December 2015

Tanzania: Aminex Secures Another Six Month Loan Extension

Final well maintenance work is currently in progress to bring Kiliwanie North-1 on stream Dublin-listed oil and gas firm Aminex has secured a further six month extension for the repayment of its $7.6 million corporate loan facility to allow it to continue work at its Kiliwani North gas field in Tanzania. The group now has until July 31st to repay the loan. Aminex previously secured a six month extension for the facility in June. The.... Read more »

Posted on : Tuesday , 22nd December 2015

Intrepid Mines Invests U.S.$40 Million in Kitumba Project

Intrepid Mines, an Australian company, has spent more than US$40 million on drilling and exploration works on the Kitumba Mine project located in Mumbwa District. Intrepid Board representative and non-executive director, Richard Baumfield said the Australian Stock Exchange-listed firm underwent restructuring and had since merged with Blackthorn Resources to acquire a 100 per cent stake in the Kitumba Mine which potentially contains.... Read more »

Posted on : Monday , 21st December 2015

Kogi to Commission 1.6 Billion Mega Motor Park Soon

Lokoja — Governor Idris Wada of Kogi State said yesterday that the N1.6 billion worth ultra modern mega motor pack being constructed in Lokoja will be ready for commissioning before he hands over to the next administration in January 2016. Wada who said this after inspecting the project at Felele area of Lokoja, expressed satisfaction with the quality of job done so far by the contractor, adding that only finishing touches are.... Read more »

Posted on : Monday , 21st December 2015

Chinese Firm to Build Leading Steel Pipe Plant in Nigeria

Lagos — Chinese steel pipe manufacturer, Jiangsu Yulong Group, on Wednesday held a groundbreaking ceremony for a large-scale factory in Nigeria's Lagos Lekki Free Trade Zone. The groundbreaking ceremony was attended by government officials, Chinese envoys and representatives from private companies. Jiangsu Yulong Group, which was listed on China's Shanghai Stock Exchange in November, 2011, is exploiting international.... Read more »

Posted on : Monday , 21st December 2015

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