Market News Page No. 415| Africa Business News | Afrotrade

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Ethiopia: Haile Gets Sweet Approval From Europeans for Honey Export

Legendary long distance athlete, Haile Gebresilassie, whose business portfolio is fast expanding, has now ventured into the apiculture sector with his latest honey production already earning vast interests from European nations. Having delivered his first product in the local market labeled Haile Mar (Haile Honey), the former Atlanta and Sydney Olympics Gold Medalist is warming up for major exports to European countries including.... Read more »

Posted on : Tuesday , 17th November 2015

Ethiopia Government to Invest up to US$20m in Tulu Kapi Gold Project

AIM-listed gold exploration and development company Kefi Minerals has received formal confirmation from the Government of Ethiopia of its intent to invest between US$15 and US$20 million in the Tulu Kapi gold project. This investment will provide the government of Ethiopia with an equity interest in Kefi Minerals Ethiopia (KME), a wholly-owned subsidiary of Kefi Minerals that owns and operates the project, of approximately 20-25% based on the.... Read more »

Posted on : Tuesday , 17th November 2015

Tanzania: TPDC to Take Oil Search a Notch Higher

Tanzania Petroleum Development Corporation (TPDC) will start an advanced search for oil in Lake Tanganyika, the state-owned firm said at the weekend. From its first stages of surveys across Lake Tanganyika waters, TPDC believes the area from Kigoma Rural, Kigoma Ujiji, Uvinza and Mpanda Rural contains abundant oil resources. The belief stems from the fact that neighbouring Uganda has already discovered oil in Lake Albert which has the same.... Read more »

Posted on : Tuesday , 17th November 2015

Chinese firm begins the construction of police houses in Zambia

Chinese firm Avic International has been awarded a contract to construct 2, 350 houses in Zambia for police officers at the cost of US $320m. President Edgar Lungu indicated optimism for the project during the ground breaking ceremony for the construction of the first 48 houses in Zambia capital Lusaka. This is expected to be completed end of March 2016. President Lungu noted that his country is experiencing housing deficit and this will.... Read more »

Posted on : Monday , 16th November 2015

Ugandan firm Pearl to construct dairy factory in Kenya

Ugandan firm Pearl Dairy Farms has announced plans to construct a dairy factory in Kenya that will be tasked with production and repackaging of milk products. The factory to be constructed in the capital Nairobi is aimed at growing Pearl’s market share in the region. Atul Chaturvedi, the CEO of Pearl confirmed the reports and said that the initial estimate of the investment in the planned factory stands at about US$ 1m. “We.... Read more »

Posted on : Monday , 16th November 2015

Kenya: Tullow to Develop North Kenya Fields Despite Low Oil Prices

Tullow Oil is working on a plan to develop its northern Kenya fields, it said in an update. The UK explorer said it is working on a field development plan to best determine how to extract oil and associated costs. "In Kenya, discussions with the Government regarding the draft field development plan for the discoveries in the South Lokichar Basin continue positively, with targeted submission by year end 2015," said.... Read more »

Posted on : Monday , 16th November 2015

East Africa: Rusumo Power Project Draws 20 Firms

Twenty firms have been prequalified to bid for the construction of the regional Rusumo Falls Hydroelectric Project, which is expected to add 80MW to the Rwanda, Burundi and Tanzania power grids by 2019. The current electricity generation in the region cannot meet the increasing industrial and domestic demand, with governments using heavy diesel generators, thus pushing up power tariffs. The project has attracted six Chinese.... Read more »

Posted on : Monday , 16th November 2015

Rwanda: Fresh Boost for Renewable Energy Bid

The Climate Investment Funds (CIF), a multilateral climate finance vehicle, has endorsed Rwanda's renewable energy investment plans, making the country eligible to benefit from $50 million (about Rwf37 billion) for renewable energy funding. The funds are provided under the Scaling Up Renewable Energy in Low Income Countries Programme (SREP). SREP funding of $50 million is expected to help develop financially sustainable.... Read more »

Posted on : Monday , 16th November 2015

East Africa Exchange to Lend Grain Farmers U.S.$70 Million

The East Africa Exchange (EAX), a regional commodities exchange warehouse receipt system, is expected to advance over $70 million in credit to smallholder grain farmers who have been starved of funding. The EAX is a subsidiary of Africa Exchange Holdings, Ltd (AFEX), which comprises Heirs Holdings, Berggruen Holdings, 50 Ventures, and Ngali Holdings, a local investment company in Rwanda. It links farmers in East Africa to markets and.... Read more »

Posted on : Monday , 16th November 2015

Algeria-China - Agreement for Construction of Cultural, Entertainment Complex in Algiers

Algiers — An agreement was signed, Thursday, between Algeria and China for the construction of a cultural and entertainment complex for youth in the municipality of Baraki (Algiers). The signing ceremony took place in the presence of the minister of Housing, Urban Planning and the City, Abdelmajid Tebboune, the minister of Youth and Sports El Hadi Ould Ali, the Governor (Wali) of Algiers, Abdelkader Zoukh as well as Chinese.... Read more »

Posted on : Monday , 16th November 2015

IEA Projects Natural Gas Production to Increase 40 Percent by 2040

But as to the sources of growth in electricity markets, coal’s relevance is going to diminish with every year and it’s going to diminish much faster than anyone had been thinking. The world is on track to hit the 1°C milestone this year. He says it’s the first time the IEA has properly acknowledged the rise of renewable energies and the inevitable decline of coal power. Instead, China is passing the baton to India,.... Read more »

Posted on : Monday , 16th November 2015

Sudan to Boost Oil, Gas Production Despite Slumping Crude Prices

Oil-rich South Sudan seceded from what is now the Republic of Sudan in 2011. Khartoum estimates that the loss of the southern oilfield brought oil production volumes down to some 150,000 of barrels a day from a previous half a million barrels per day. “Actually, we are planning to expand, although the prices are going down,” Ambassador Nadir Babiker told RIA Novosti, adding his country imports oil byproducts like gasoline for the.... Read more »

Posted on : Monday , 16th November 2015

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