Market News Page No. 449| Africa Business News | Afrotrade

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The East African Community is open to Industrialization

The East African Community is one of the most vibrant economic blocs on the African continent. With more than 150 million citizens, the five countries that make up the EAC, Rwanda, Kenya, Uganda, Burundi and Tanzania, are benefitting enormously from the integration brought about by the formation of the community. We have seen remarkable progress in achieving the objectives of the EAC – widening and deepening.... Read more »

Posted on : Wednesday , 7th October 2015

TPDC to Acquire 5% Stake in Kilwani North Development License in Tanzania

Aminex PLC disclosed Monday that the Tanzania Petroleum Development Corporation (TPDC) has notified the Company of its intention to acquire a 5 percent working interest in the Kiliwani North Development License (KNDL) and will become a full working interest partner going forward. Under the terms of the Nyuni East Songo-Songo Production Sharing Agreement which governs the KNDL, TPDC has the right to acquire a 5 percent interest and it is this.... Read more »

Posted on : Tuesday , 6th October 2015

VW Investing $343 Million in African Plant

German carmaker Volkswagen plans to spend 4.5 billion rand ($343 million) to upgrade its factory in South Africa and improve its supplier base, it said on Thursday. Most of the money would be used to revamp its factory in Uitenhage in Eastern Cape province to produce new models, Thomas Schaefer, head of Volkswagen's South African unit, said. VW has been pushing for greater scale under Chief Executive Martin Winterkorn's eight-year reign,.... Read more »

Posted on : Tuesday , 6th October 2015

Kenya Sets Pace As East Africa Vehicle Market Grows

Rising demand for commercial vehicles and luxury cars pushed new and used motor-vehicle registrations in Kenya to nearly 100,000 units last year, according to the Kenya National Bureau of Statistics. Reporting in the agency’s 2015 economic survey, director general Zachary Mwangi notes the 102,606 newly registered motor vehicles in the country in 2014 was up about 9.0% from 94,017 units in 2013. Both totals include.... Read more »

Posted on : Tuesday , 6th October 2015

Ford to build Rangers for the African Market

Ford Motor Co. said it plans to assemble its Ford Ranger pickup truck in Nigeria by the fourth quarter, as it expands in Africa and the Middle East. The Nigerian assembly plant, in partnership with Ford dealer Coscharis Motors Ltd., is the first outside South Africa, where Ford produces the Ranger for 148 markets, the automaker said in a statement today. "Nigeria is a priority market for us in sub-Saharan.... Read more »

Posted on : Tuesday , 6th October 2015

AfDB approves US$428.43m to fund construction of infrastructure in Africa

The African Development Bank Group (AfDB) has approved US$428.43m to finance construction of infrastructure in Africa including energy, transport and water and sanitation. The eight African countries to benefit from the financial boost include Nigeria, Ghana, Tanzania, Guinea, Senegal, Guinea Bissau, Zimbabwe and Côte d’Ivoire. The construction of a new terminal at the Kotoka International Airport in Accra is part of Ghana’s.... Read more »

Posted on : Tuesday , 6th October 2015

Sheraton announces plans to construct high-end hotel in Kenya

A high-end hotel in Kenya is set to be constructed by global hotel chain Starwood Hotels and Resorts Worldwide, the global hotel giant has announced. The hotel will be constructed at the Jomo Kenyatta International Airport. Sheraton Hotel in Kenya will target tourists and business people visiting Kenya and it is one among six other hotels planned by the global hospitality giant through its investment arm the Africa Hotel Investment.... Read more »

Posted on : Tuesday , 6th October 2015

Boost for EAC as construction of major road linking Kenya and Tanzania launched

East Africa integration has received a boost following plans to construct a major road linking Kenya and Tanzania. The road project that will be funded by African Development Bank, was launched by Kenyan President Uhuru Kenyatta and his Tanzanian counterpart Jakaya Kikwete. The road will link East Africa to the northern corridor. The road construction project which is intended to reduce the time taken for goods to be.... Read more »

Posted on : Tuesday , 6th October 2015

KENYA GOVERNMENT PROVIDES SWEETNER FOR SUGAR COMPANIES

Kenya has written off 39.7 billion shillings ($381 million) owed by state-owned sugar companies, aiming to ease their planned privatisations, President Uhuru Kenyatta said on Friday. The government in May approved the sale of the government's holdings in five sugar companies and said it expected to sell 75 percent stakes, in transactions to be completed in the following nine to 12 months. "My Government has had to take a hard decision.... Read more »

Posted on : Monday , 5th October 2015

HPCL Seeks Mozambique Gas for Gujarat LNG Terminal

Hindustan Petroleum Corp. Ltd (HPCL), the country’s third biggest oil refiner, is negotiating with its partners in the Mozambique gas field, operated by Anadarko Petroleum Corp., to bring natural gas to India for its upcoming liquefied natural gas (LNG) terminal in Gujarat. The deal will not only give HPCL access to gas, which is logistically cheaper to source, it will also give the company a cost advantage in its natural gas trading.... Read more »

Posted on : Monday , 5th October 2015

Sudan Signs Agreement with Russian Company on Gas Liquefaction

The Ministry of oil in Sudan signed a $70 million agreement on Sunday with Russia’s Gazohim Techno for liquefaction of gas produced at Neem field in the west of the country using a process known as gas-to-liquids (GTL). Under the agreement a plant will be constructed to liquefy gas with a capacity of processing 10 million cubic feet of gas per day and convert to petroleum products such as gasoline and diesel at an estimated rate of 100.... Read more »

Posted on : Monday , 5th October 2015

UAE-Based Firm to Raise East African Presence

“We are planning to spend about $25 million to $30 million in acquiring new terminals in East Africa,” Thangapandian Srinivasalu (left), the Executive Director of Gulf Petrochem said last week in Sharjah. Speaking to media in a series of interviews, Srinivasalu said their focus of growth will be the UAE, India and East Africa. “The next decade belongs to Africa and there are tremendous business opportunities in East.... Read more »

Posted on : Monday , 5th October 2015

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