Market News Page No. 398| Africa Business News | Afrotrade

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Sino-Kenya Agricultural Cooperation Reaches Critical Milestone

Kenya's bilateral cooperation with China in agriculture, livestock and fisheries has reached a critical milestone with implementation of joint programs to achieve food security and boost rural incomes, officials said on Thursday Speaking at a China-Kenya conference on agriculture cooperation in Nairobi, the acting Cabinet Secretary for Agriculture, Livestock and Fisheries Adan Mohamed said Beijing's contribution is critical to.... Read more »

Posted on : Wednesday , 23rd December 2015

Norway and Kenya to Cooperate in Oil for Development Programme

Kenya has requested assistance from Norway in developing its petroleum sector. Through the programme Oil for Development, Norway will support Kenya in improving management of its natural resources and protection of the environment with the objective that oil and gas resources to benefit the country and its people,’ said Minister of Foreign Affairs Børge Brende. The Norwegian Government approved 17 December that Norway will enter.... Read more »

Posted on : Wednesday , 23rd December 2015

Kenya: Mining CS in talks With Miners Over New Royalties

The government plans to fastrack implementation of higher mining royalties to give Kenyans a bigger share of earnings from the country’s mineral resources, newly appointed Mining Cabinet secretary Dan Kazungu said yesterday. Kazungu said the government is negotiating with miners for a new royalty structure, and any new miner will abide to the updated rates. “We are negotiating with the companies that have been paying much lower.... Read more »

Posted on : Wednesday , 23rd December 2015

Mozambique Sees Big Uptick in Gas Exports

At the opening the 1st Coordinating Council of the Ministry of Mineral Resources and Energy Mozambique’s Minister of Resources and Mining, Pedro Couto, revealed that the country’s natural gas exports had doubled in 2015 to approximately 115.4 million gigajoules. Couto also revealed that production of natural gas had increased by 8% but added that the fall in prices on world markets could affect exploration activities in the.... Read more »

Posted on : Tuesday , 22nd December 2015

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

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