Market News Page No. 426| Africa Business News | Afrotrade

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East Africa: Total, Tullow Differ On Choice of Oil Route

Oil companies Total and Tullow agree with the Ugandan government on low tariffs for the transportation of the crude oil through a pipeline, but they differ over the choice of route. Tullow Oil has no objection to the northern route (Hoima-Lokichar-Lamu Port) as proposed by the Kenya government, but Total has raised concerns over the route, while China National Offshore Oil Company (CNOOC) is neutral. The differences were clear.... Read more »

Posted on : Tuesday , 20th October 2015

South Africa: Shell Gets Nod to Drill Wells in SA's Orange Basin

The Department of Environmental Affairs has issued an environmental authorisation for Shell South Africa Upstream B V's proposed exploration drilling in the Orange Basin Deep Water Licence Area, off South Africa's west coast. This gives Shell permission to drill up to two offshore exploration wells in the northern portion of the licence area, which covers about 37 290km². Successful exploration of gas will be a major step towards.... Read more »

Posted on : Tuesday , 20th October 2015

Zambia, Tanzania, Kenya to assess power output on high-voltage power line

Zambia, Tanzania and Kenya are trying to find out how much electricity a planned high voltage power line linking them will deliver to each country as they prepare to launch the $1.4 billion project by 2018, Zambia's energy ministry said. The interconnection is intended to enhance power trade, security of electricity supply and regional economic integration, Zambia's energy ministry said in a notice issued on Friday inviting consultants to.... Read more »

Posted on : Tuesday , 20th October 2015

Encouragement to French Investment in Africa

President Muhammadu Buhari in Paris assured French investors of his administration's commitment to provide a suitable business environment that would boost economic activities and create jobs for the youth. News Agency of Nigeria (NAN) reports that Buhari gave the assurance at a gathering of investors at the France-Nigeria Business Forum held at the headquarters of the French Business Confederation in.... Read more »

Posted on : Tuesday , 20th October 2015

Hospitality & Services Sector driving growth in Africa says Economists

The services sector will become the main engine of growth in sub-Saharan Africa as agricultural exports continue to decline and the manufacturing sector remains stagnant in many countries. Latest data from UN Conference on Trade and Development (Unctad) shows that the sector contributes half of the continent’s output, outpacing the manufacturing sector. “Indeed, growth in services has been vibrant in Africa.... Read more »

Posted on : Tuesday , 20th October 2015

Food and the Transformation of Africa

African agriculture has long been a symbol of the continent’s poverty. Officials considered the hundreds of millions of African smallholder farmers too backward to thrive; the future would arrive not by investing in them but rather by bypassing them. But all that is changing. In recent years, African agricultural policies have been haphazard and inconsistent. Some countries have neglected smallholders in favor of commercial.... Read more »

Posted on : Tuesday , 20th October 2015

Turning Kenya into the investment hub of Africa

By challenging investors to look beyond the country’s borders, Kenya’s Ambassador to the Democratic Republic of Congo, Dr George Masafu, set an example that other envoys could follow for the benefit of the people who are paying their salaries and allowances that allow them to live like royalty. Dr Masafu also challenged Kenyan teachers and lecturers to go beyond demonstrating in the streets for higher pay and consider studying.... Read more »

Posted on : Tuesday , 20th October 2015

Eritrea: Sunridge Gold Lands Mining Licences for Asmara Project

Sunridge Gold Corp (CVE:SGC) has secured three key mining licences in Eritrea for the Asmara project. Asmara Mining (AMSC), a joint venture 60% owned by the Canadian group, has been awarded licences spanning 19.3 square kilometres and encompassing four advanced deposits – namely Emba Derho, Adi Nefas, Gupo Gold and Debarwa. These areas were all incorporated into the feasibility study for Asmara, a proposed copper-zinc-gold mining.... Read more »

Posted on : Tuesday , 20th October 2015

Tanzania: Black Rock Mining Swells Graphite Exploration Target at Mahenge

Black Rock Mining (ASX:BKT) has boosted the exploration target at its highly prospective Mahenge graphite project in Tanzania. After incorporating new exploration data from mapping, trench, pit and drill results, the target increased to between 84 million tonnes to 115 million tonnes at 8.66% to 10.34% total graphitic carbon (TGC). The target is based upon the Ulanzi, Cascade and Epanko north lodes. It does not include the Kituti.... Read more »

Posted on : Tuesday , 20th October 2015

Tanzania begins the construction of largest port in East Africa

Tanzania begins the construction of largest port in East AfricaTanzania has begun the construction of what it says will be the largest port in East Africa at a cost of about $11bn. Backed by China Merchants Holdings International and Oman’s State Government Reserve Fund, the project is expected to be a game changer in Tanzania’s quest to industrialize. Officials in Tanzania believe that the construction of largest port in East.... Read more »

Posted on : Tuesday , 20th October 2015

Construction firm Dorra announces plans to build 10,000 houses in Egypt

Construction firm Dorra Group has announced plans to construct 10,000 residential houses in Egypt in a bid to tackle the current demand for housing in the country. Managing director Omar Dorra said they intend to target the youth in their housing projectl. He said that they recently submitted a request to the Ministry of Housing to develop a residential project for youth and middle income persons. “We have not yet received.... Read more »

Posted on : Tuesday , 20th October 2015

East Africa: Kenya to Reintroduce Vat On All Oil Products

Fuel prices in Kenya are expected to increase sharply next year as the government plans to increase taxes on the commodity to raise an additional Ksh16 billion ($152.62 million). The government will impose 16 per cent value added tax (VAT) on oil products to shore up its domestic revenues, which have come under pressure in the wake of burgeoning spending, corruption and wastage. The tax, which is to be enforced by September.... Read more »

Posted on : Monday , 19th October 2015

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