Market News Page No. 474| Africa Business News | Afrotrade

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Eni discovers a supergiant gas field in the Egyptian offshore - the largest ever found in the Mediterranean Sea

Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 sq kms. Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea. Eni will immediately appraise the field with the aim of accelerating a fast track development of the discovery that will utilise at.... Read more »

Posted on : Tuesday , 1st September 2015

Tanzania�s Kiliwani North Gas Agreement To Be Signed In Q3 2015

Production from the Kiliwani North Field could start in 2015 with the Tanzanian authorities having advised that production should start within Q3 2015 now that the main pipeline has been pressure tested and with the Gas Agreement expected to be signed this quarter. The completion of a Gas Sales Agreement (GSA) is subject to finalizing satisfactory payment protection guarantees and, following the recent start of production into the.... Read more »

Posted on : Tuesday , 1st September 2015

Swala Energy Obtains One Year Licence Extension To Each Of Its Tanzania Licences

Australian explorer focusing on the East African Rift System Swala Energy has announced that the Tanzanian Ministry of Energy and Mining (MEM) has agreed to extend the period within which an exploration well must be drilled in each of the Kilosa Kilombero and Pangani licences in Tanzania to the 20th February 2017. According to a statement from the company the one-year extension is to be deducted from the 4-year additional.... Read more »

Posted on : Tuesday , 1st September 2015

East Africa banks on green energy to drive growth

East African countries may soon emerge as global leaders in green energy, if efforts put by the various governments to exploit sources of renewable energy are attained. Various stakeholders attending the East African Power Industry Convention (EAPIC) in Nairobi yesterday agreed that universal access to affordable energy could only be achieved by exploiting clean energy. Energy and Petroleum Principal Secretary Joseph Njoroge said the.... Read more »

Posted on : Monday , 31st August 2015

Bamburi Cement net profit nearly doubles in first half

A boom in construction and foreign exchange gains has helped Bamburi Cement’s net profit almost double for the six months to June. The cement manufacturer reported an 86 per cent leap in net profits to Sh3 billion, with the management projecting an even better second half. The company, which is controlled by France’s Lafarge, attributed the strong performance to growth in demand in its two main markets, Uganda and Kenya,.... Read more »

Posted on : Monday , 31st August 2015

Sumac secures $1 million loan as it prepares for cash call

Sumac Microfinance Bank has secured a $1 million (Sh100 million) loan from a European investment firm for onward lending to small businesses. The cash was loaned by the Regional Investment Fund for Micro, Small and Medium Enterprises in sub-Saharan Africa (Regmifa), a Luxemburg-based fund that invests in small lenders in sub-Saharan Africa. The three-year loan is part of the micro-lender’s capital raising strategy that includes.... Read more »

Posted on : Monday , 31st August 2015

Kenya leads in global financial and digital survey

KENYA tops a new global financial and digital inclusion survey, beating 21 other countries polled. The country scored 89 per cent, followed by South Africa at 80 per cent and Brazil 78 per cent, the 2015 Brookings financial and digital inclusion project report shows. The American based think tank said the report and scorecard is the first of a series of annual reports examining financial inclusion activities around.... Read more »

Posted on : Monday , 31st August 2015

LG to invest Sh100million in regional expansion

LG Electronics has announced it will expand its branch network in the eastern African region to improve the availability of its products and services for a growing client base. LG is investing approximately Sh100 million in the first phase of this expansion that will see 25 additional retail outlets opened in Kenya, Uganda, Tanzania, Ethiopia, Sudan and Zambia by end of this year. Kenya will see two more outlets opened in Nairobi, bringing to.... Read more »

Posted on : Monday , 31st August 2015

Construction of Standard Gauge Railway in Kenya almost complete

The Standard Gauge Railway in Kenya which is being constructed by China Road and Bridge Corporation is almost complete; this is according to the external manager Julius Ling. Mr. Ling said that the Standard Gauge railway in Kenmya is 50 per cent complete and the first locomotive to use the railway between Mombasa and Nairobi is expected at the Port of Mombasa in November this year. Currently, 48 per cent of the bridges.... Read more »

Posted on : Monday , 31st August 2015

German hydropower plant to start construction of transmission lines in East Africa

Uganda’s 600MW Karuma hydropower plant is set to commence the construction of transmission power lines; this is after intec – GOPA-International Energy, a German energy consulting company agreed on a US$ 6.3m consultancy services contract. Funding for the construction of the transmission lines at Karuma hydropower plant are from China’s Exim bank. Eriasi Kiyemba, Uganda Electricity Transmission Company.... Read more »

Posted on : Monday , 31st August 2015

KenGen Shines at the East African Power Industry Awards in Kenya

The Kenya Electricity Generating Company, KenGen scored a double win at the inaugural East African Power Industry Awards in Nairobi on Thursday evening when the utility won the Outstanding Clean Power Award and also took top place in the Excellence in Power Generation category. Other popular winners were Dr Albert Butare, former Energy Minister of Rwanda who won the Lifetime Achievement Award for East Africa, as well as H.E. Dr.... Read more »

Posted on : Monday , 31st August 2015

More Kenyans Exploring Agricultural Businesses

Each year, many Kenyans graduate from a college or university. Yet many graduates are unable find a job in the country after finishing their studies. The reason: large numbers of young Kenyans are already unemployed. Now, some university graduates are turning to agriculture as a way to fight unemployment. They think that farming can be as satisfying as any other business or job. Thirty-three-year old Caleb Karuga is the.... Read more »

Posted on : Monday , 31st August 2015

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