Market News Page No. 474| Africa Business News

Tanzania International Petroleum Reserves Increases Oil Storage Capacity By 50% With USD 11 Million Investment

The Tanzania International Petroleum Reserves Limited (TIPER), a 50/50 joint venture between Swiss Oryx Energies and the Tanzanian Government, has recently announced in a media statement the completion of two refurbished oil storage tanks which expand its current fuel storage capacity from 141,000 cubic metres to 213,000 cubic metres. The two tanks refurbished with a capacity of 36,000 cubic metres each, needed a total investment.... Read more »

Posted on : Tuesday , 11th August 2015

Highest Grade Graphite Discovery In Mahenge Region Of Tanzania

Black Rock Mining Limited (BKT), an Australian based company focused on the exploration and development of the Mahenge graphite project in Tanzania, recently announced on its website that it has discovered a new mineralized zone with highest grades graphite in the Mahenge region. The new zone named “Ulanzi prospect” is eight times larger than the Epanko North, the most recognized graphite deposit located in South.... Read more »

Posted on : Tuesday , 11th August 2015

Tanzania to invest $380 mln over eight years in cash-starved farm sector

Tanzania will invest 800 billion shillings ($380 million) over the next eight years in a new state-run agriculture bank to boost growth in the sector, which has long been stifled by low productivity and a lack of financing. President Jakaya Kikwete launched the Tanzania Agricultural Development Bank (TADB) on Friday after the government provided 60 billion shillings in seed capital for its establishment. "Around 75.... Read more »

Posted on : Tuesday , 11th August 2015

UPDATE 1-Kenya, Uganda settle on crude pipeline route

Kenya and Uganda have reached a final decision on the route for a crude pipeline linking their newly found oilfields to the Kenyan coast, an important step for oil firms to make a final investment decision, the countries' presidents said on Monday. Oil executives have previously said they cannot make progress with their final investment decision on developing discoveries in Uganda and Kenya until the pipeline route and related.... Read more »

Posted on : Tuesday , 11th August 2015

Zimbabwe: Govt Splurges U.S.$50 Million On Military Vehicles

The cash-strapped Zimbabwe government has splurged about US$50 million on 633 vehicles which include all-terrain troop-carrying trucks, water cannons, buses and equipment, mostly used by military and police, as it secretly bolsters its instruments of repression to combat any possible Arab spring-style uprising due to the explosive socio-economic situation in the country, it has emerged. Senior government officials said this week in.... Read more »

Posted on : Monday , 10th August 2015

Nigeria: Jaguar XE Sets Record as Tech Leaders Decide Future for Start - U.S.

Coscharis Motors, licensed owner of the Jaguar Land Rover in Nigeria, has once again proven that the future of the automobile industry largely depends on the innovations that come with the Information and Communications Technology (ICT), as the firm unveils its brand new Jaguar XE at the just-concluded Techie+ 2015 Conference and Exhibition, held in Lagos. The event, which attracted global giants in the technology industry may in the.... Read more »

Posted on : Monday , 10th August 2015

Nigeria: Electricity Grid Maintains Rise, Now 4,662 Megawatts

Electricity generation across the country has continued to maintain a continuous rise from 4,000megawatts just as it rose to 4,662mw on Wednesday. Although the system began to rise in capacity from late June 2015, electricity customers across the 11 Distribution companies (Discos) had complained of not seeing a commensurate improvement in power supply hourly. However, Daily Trust findings across Kubwa, Lugbe, Apo and other.... Read more »

Posted on : Monday , 10th August 2015

Sudan: Energy Committee to Review Electricity Tariff

Khartoum — The Chairwoman of the National Assembly Energy Committee, Committee, Dr. Hatat Ahmed Al-Mahi made it clear that the committee intends to conduct a comprehensive review of studies concerning electricity tariff in the coming period. She told SUNA, Wednesday that the revision comes in the context of the Committee's concerns relating to revision of all previous studies in this connection. She stressed that no.... Read more »

Posted on : Monday , 10th August 2015

South Africa: Anticipated Fuel Price Drop Could Be Short-Lived

Although an anticipated fuel and diesel price decrease will greatly help deeply indebted consumers, the relief might be only temporary, cautioned Debt Rescue CEO Neil Roets on Friday. The fuel price is expected to go down by 49 cents a litre and the price of diesel by 70c/litre in August. Earlier this week, the Automobile Association of SA (AA) said that in terms of current data it expects the petrol price to decrease by up to.... Read more »

Posted on : Friday , 7th August 2015

Nigeria: Volkswagen Emerges World's Biggest Automaker Ahead of Toyota

Barely one month after Volkswagen restarted production at the Nigerian plant to increase global market and sales potential, the auto company on Wednesday emerged world's largest carmaker by sales in the first half year, achieving its long-held ambition three years ahead of target. Volkswagen's Africa Sales and Marketing helmsman Wolfgang Ratz, had recently said: "We are certain that further growth is possible, which is why.... Read more »

Posted on : Friday , 7th August 2015

Kenya: GM, Auto Express Sign Deal for After Sales Service

Nairobi — General Motors East Africa (GMEA) Limited has signed a partnership with Auto Xpress that will see the company expand its after sales service network. Through the union, Isuzu and Chevrolet customers will now access after sales service from Auto Xpress outlets countrywide. Speaking during the signing, GMEA Managing Director Rita Kavashe said the move was part of General Motors strategy to ensure the customers.... Read more »

Posted on : Friday , 7th August 2015

Panoro Energy starts drilling Aje-5 offshore Nigeria

Panoro Energy ASA (Panoro), the London-based E&P company, has announced that drilling has commenced on the Aje-5 production well on the OML 113 license offshore Nigeria The Aje-5 well is being drilled with the Saipem Scarabeo 3 semi-submersible drilling rig at a depth of 300 metres from a seabed location close to Aje-4. Following drilling, the Aje-5 well will be completed as a subsea oil production well. The drilling and completion for.... Read more »

Posted on : Friday , 7th August 2015