Market News Page No. 472| Africa Business News | Afrotrade

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Kenya primed for cross-border trade

Kenya’s economy has shown remarkable gains over the last five years, maintaining a robust growth rate. GDP growth stood at 5.4 percent in 2014, an improvement on the 5.1 percent recorded in 2013 and 4.6pc in 2012. The country’s annual GDP growth is projected to reach 7.0 percent by 2017 (6.7pc average CAGR 2014-2017). Following the rebasing of calculations in 2014, Kenya’s GDP now stands at US$55 billion. The.... Read more »

Posted on : Tuesday , 21st July 2015

Kenya signs US$ 333m deal for Kuresoi dam construction

BNP Paribas Italy and Intesa San Paolo banks have signed a US$ 333m agreement with Kenya for the construction of Kuresoi dam in Kuresoi, Nakuru county. The signing of the agreement at State House, Nairobi, was witnessed by President Uhuru Kenyatta and Italian Prime Minister Matteo Renzi after they held bilateral talks. The agreement brings Italy’s total financial assistance to Kenya to US$ 528m The total amount will.... Read more »

Posted on : Tuesday , 21st July 2015

Oil Ministry: Eni Discovers Up To 15B Cubic Meters Of Gas In Egypt

Italy's Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt's Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday. The discovery was made in Western Abu Madi, 120 km northeast of Alexandria, where Eni holds 75 percent of exploration rights through an Egyptian subsidiary, with Britain's BP holding a 25 percent stake. Eni made the discovery at a depth of 3,600 metres.... Read more »

Posted on : Tuesday , 21st July 2015

Polarcus Commences Multi-Client Survey Offshore Northwest Africa

Polarcus Limited announced Monday that it has commenced a new 3D broadband multi-client survey across the Mauritania-Senegal-Guinea-Bissau Basin (MSGB), offshore northwest Africa. The survey, which is supported by industry funding, will cover an area of 579 square miles offshore The Gambia and is expected to run for 50 days. Polarcus expects final data products to be available in 1Q 2016. Prefunding for the project was secured due to “the.... Read more »

Posted on : Tuesday , 21st July 2015

Norwegian Scatec Solar to build large-scale solar plant in Africa

Norwegian power producer Scatec Solar has signed an agreement to build West Afria’s first large utility-scale solar power plant in Africa. Solar Panels - APOPower from the plant will provide electricity to about 60,000 households. The build-own-operate agreement for the 33MW solar project was signed between Scatec Solar, Mali’s Ministry of Energy and Water and Electricité du Mali (EDM), the country’s.... Read more »

Posted on : Monday , 20th July 2015

Kenya Pipeline Corporation to construct US$ 343m oil pipeline

Kenya Pipeline Corporation (KPC) is yet to construct a 450Km pipeline from Mombasa to Nairobi that will help them meet the rising demand for fuel in the market and complement the existing line and replace it ultimately. The pipeline project by KPC has received funding worth US$ 343m from a consortium of local and international banks namely; Co-operative Bank, CfC Stanbic Bank, Citibank (Kenya), Commercial Bank of Africa, Standard.... Read more »

Posted on : Monday , 20th July 2015

Scatec Solar to build large-scale solar plant in Mali

Norwegian power producer Scatec Solar has signed an agreement to build West Afria’s first large utility-scale solar power plant in southeast Mali The build-own-operate agreement for the 33MW solar project was signed between Scatec Solar, Mali’s Ministry of Energy and Water and Electricité du Mali (EDM), the country’s electricity utility. The project will be developed in partnership with IFC InfraVentures and the.... Read more »

Posted on : Monday , 20th July 2015

Ramboll To Carry-Out Onshore Pipeline Study In Uganda

Uganda’s Ministry of Energy and Mineral Development has awarded United Kingdom’s Ramboll a contract to conduct an early-phase study for the “Hoima–Kampala Refined Petroleum Products Pipeline” in Uganda, East Africa. The project concerns a proposed pipeline to be constructed to transport products of crude oil refinement from Uganda Oil Refinery in Hoima to a distribution terminal to be constructed in.... Read more »

Posted on : Monday , 20th July 2015

Kenya Pipeline Company calls for investment in private fuel stores in new business model

Private investors will for the first time get an opportunity to invest in the lucrative petroleum storage business in a new model that seeks to free cash flows for the Kenya Pipeline Company (KPC). The company’s chairman, John Ngumi, announced yesterday that KPC would not be investing in additional storage tanks in an expanded network within counties, but would instead invite private players to set up the storage.... Read more »

Posted on : Monday , 20th July 2015

Base Titanium Adopts Best Mining Practices

Kenya is about to enter an important new stage in the development of its mining sector. The Mining Bill 2014, currently under review by the Senate, should be enacted before the end of the year and Kenya is about to embark on developing a 20-year strategic plan for the sector with the assistance of McKinsey & Company. The Mining Bill will regulate, amongst other things, how investors engage with various levels of government and local.... Read more »

Posted on : Saturday , 18th July 2015

Gold Deliveries Up 50 Percent - Chidhakwa

Gold deliveries have increased by an average of 50% this year due to the plugging of leakages of the precious mineral, with focus now on improving the supply side for small scale gold miners, Mines minister Walter Chidhakwa has said. Mineral leakages have cost the country billions of dollars in lost revenue, reducing official gold sales from 27 tonnes in 1999 to the current average of 12 tonnes per year. In an interview.... Read more »

Posted on : Saturday , 18th July 2015

Natural Gas Distribution Reaches Marracuene

Marracuene — Mozambique's National Hydrocarbon Company (ENH) on Wednesday connected its natural gas pipeline to its first client in Marracuene district, north of Maputo. The client is the factory Favos de Mocambique, which makes egg cartons. From this factory, the distribution of gas will be extended to shops, hospitals, hotels and restaurants in Marracuene. The Wednesday ceremony marked the conclusion of the Maputo and.... Read more »

Posted on : Saturday , 18th July 2015

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