Market News Page No. 407| Africa Business News | Afrotrade

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European Bank to fund renewable energy in Africa

The European Bank for Reconstruction and Development (EBRD) will now focus on financing renewable energy in Middle East and North Africa, its director Philip ter Woort, has announced. The European Bank believes that the move will enable the Middle East and North Africa region to curb the current power shortage that is slowing economic progress in the region.. The EBRD and other financial institutions will launch a funding.... Read more »

Posted on : Tuesday , 10th November 2015

Nyagak III Small Hydro Power Project in East Africa to be constructed

The construction of Nyagak III Small Hydro Power Project in Uganda is set to commence soon, this is after the Ugandan Government and a German firm signed a US$ a 1.8m agreement. The agreement which was signed by Uganda Electricity Generation Company Limited (UEGCL) on behalf of the government took place at the UEGCL offices in Nakasero. The German firm GOPA-International Energy Consultants GmbH together with an Italian based.... Read more »

Posted on : Tuesday , 10th November 2015

Gas production in Africa records 50 million cubic feet increase

Gas production in Egypt increase by 50m cubic feet in gas production sending a sigh of relief to gas users in the country, a senior official in the Egyptian Natural Gas Holding Company (EGAS) According to the official the rate of natural gas increase to nearly 4.3bn cubic feet compared to 4.25bn cubic feet last month. The official added that the gas production in Egypt increased by 50 million cubic feet per day after.... Read more »

Posted on : Monday , 9th November 2015

AFRICA OIL COMPLETES FARM-OUT OF KENYA, ETHIOPIA LICENSES TO MAERSK OIL

Africa Oil Corp. has announced that it has entered into a definitive farmout agreement with a Danish oil and gas company Maersk Oil & Gas A/S, owned by the Maersk Group (“Maersk”) whereby Maersk will acquire 50% of Africa Oil’s interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia in consideration for reimbursement of a portion of Africa Oil’s past costs and a future carry.... Read more »

Posted on : Monday , 9th November 2015

Kachikwu Targets 3mbpd of Crude Oil Production By End of 2016

A Minister-designate and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has stated that his target is to ensure that Nigeria's crude oil production capacity hits 3 million barrels per day by the end of 2016, from the current production level of about 2.5 million barrels per day. Speaking on Saturday at a luncheon organised in his honour by the Petroleum Club in Lagos, Kachikwu further.... Read more »

Posted on : Monday , 9th November 2015

TBZ to Mop Up 800 Tonnes of Tobacco

The Tobacco Board of Zambia (TBZ) will purchase about 800 tonnes of tobacco from farmers who are stranded with the crop after private merchants withdrew from the market. TBZ board secretary Samson Muyembe said in an interview in Lusaka yesterday that the decision has been taken to help farmers have enough resources to finance their farming activities for this farming season. Hundreds of farmers were left stranded with their.... Read more »

Posted on : Monday , 9th November 2015

Vietnamese Mobile Operator Viettel Invests USD 736 Million To Expand In Tanzania

Viettel Group (Viettel), a Vietnamese state-run mobile network operator, has recently announced a total investment of USD 736 million to expand its businesses to Tanzania, where it will operate under the brand Halotel to offer 2G and 3G services. Vettel’s investment become Tanzania the fourth country in Africa where it has presence after the company entered the continent in 2014 with operations in Mozambique, which was then.... Read more »

Posted on : Monday , 9th November 2015

Zim Chrome Exports Resume

Zimbabwe resumed chrome exports last week for the first time since 2011 when Government imposed a ban of raw chrome exports to encourage beneficiation of the mineral. The Government lifted the four-year ban on chrome ore exports in June this year to boost foreign earnings from the sector and enhance viability of small-scale miners. While the Government had imposed the ban on chrome ore exports to encourage firms to beneficiate.... Read more »

Posted on : Monday , 9th November 2015

New Luika Gold Mine Announces Life Extension And 506,000 Oz Of Gold

Shanta Mining Company Limited (SMCL), a subsidiary of the UK-based Shanta Gold Limited (AIM:SHG) involved with gold mining, development and exploration in Tanzania, has recently released the Life of Mine (LOM) extension study for its New Luika Gold Mine (NLGM) project which indicates new total reserves of gold at 506,000 ounces (oz) up from 479,000 oz found in 2013. NLGM, located in Mbeya in Tanzania’s south western region, counts.... Read more »

Posted on : Monday , 9th November 2015

Malawi Government Erred On The Oil and Gas Exploration Deal

New revelations show that Malawi’s Government has erred by issuing two exploration licences for gas and oil on the World Heritage site of Lake Malawi including the National Park marine protected area which could seriously dent the country’s image in environmental conservation. Godfrey Mfiti, Environmental Activist in Southern Africa says Malawi breached International conventions and its own Parliamentary Acts on the oil.... Read more »

Posted on : Monday , 9th November 2015

Sudan Calls on Turkish Companies to Invest in Petroleum Industry

Awad, who met his Turkish counterpart Ali Riza Alaboyun on the sidelines of the 8th International Energy Congress in Ankara on Friday, pointed to the multiple investment opportunities in Sudan’s oil industry. He urged Turkey to enter into petroleum exploration and extraction in Sudan, pointing that Sudan has a comparative advantage in the area of renewable energy, particularly solar energy besides the oil and gas industry. For his.... Read more »

Posted on : Monday , 9th November 2015

Sunridge Gold Agrees US$65mln Sale of Eritrea Gold Mine

Sunridge Gold shot up around 50% after it struck a US$65mln (C$85mln) cash deal to sell its majority stake in Asmara Mining, the joint venture company that owns the Asmara mine, in Eritrea. Michael Hopley, Sunridge chief executive, highlighted that the proposed deal is at a premium valuation. He added: “(it) equates to a significant premium to the present market value of Sunridge and under the continuing challenging market conditions.... Read more »

Posted on : Monday , 9th November 2015

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