Market News Page No. 500| Africa Business News | Afrotrade

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East Africa survey reveals US$15.6bn iron ore deposits

The Ministry of Energy and Mineral Development said the deposits were discovered and quantified following a series of recent airborne geophysical surveys. In its latest review of the country’s mineral sector, the ministry said the new ore reserves were discovered at Buhara (48mn tonnes), Nangara (six million tonnes) and Rugando (55million tonnes); all in south-western Uganda. “More than 200mn tonnes of iron ore are now proven.... Read more »

Posted on : Saturday , 20th June 2015

Kenya construction and infrastructure sector to grow by 9%

The Kenya construction and infrastructure sector is anticipating a growth of 9% year-on-year in 2015 according to Kenya Infrastructure Report Q3 2015 released this month by Business Monitor International. The growth in the sector is expected to remain over a 10-year forecast period to 2024. A Long-term interest in the construction and infrastructure sector will be driven by successful issuance of Eurobond. Issuance of the bond.... Read more »

Posted on : Saturday , 20th June 2015

US$ 60m hydroelectric power plant in East Africa

East Africa is set to start works on the construction of a US$ 60m hydroelectric power station that will aim at reinforcing the energy sector in the country. The power plant- Kagu 006 hydroelectric plant which is located in Cibitote, five kilometres from Bujumbura town was created under a public and private partnership project (PPP) which is a better agreement that will see it come to birth. “The development will be a hydroelectric power.... Read more »

Posted on : Saturday , 20th June 2015

SOCO reviewing options for offshore Congo discovery

SOCO International is discussing commercialization options for its offshore Lidongo X Marine-101 exploration well with the Republic of Congo authorities. The government has asked for the results of the well to be presented as a production license application format. SOCO says preparations are under way and the company expects to issue formal submission by the end of 3Q 2015. Reprocessing of seismic reprocessing continues following ENI’s.... Read more »

Posted on : Saturday , 20th June 2015

Orca contracts shallow-water rig for Songo Songo offshore Tanzania

Orca has entered into a drilling contract with Paragon Offshore for the use of its M826 mobile drilling workover rig and associated services for the offshore phase of the Songo Songo gas field program. The rig can operate in the shallow water operating environment around Songo Songo Island, which Orca describes as “somewhat unique.” However, the company still needs to obtain certain regulatory and contractual approvals related.... Read more »

Posted on : Saturday , 20th June 2015

MAUREL ET PROM REPORTS PROMISING RESULTS OF THE MB-4 DEVELOPMENT WELL IN TANZANIA

Manzi Bay operator Maurel et Prom has announced that the MB-4 development well, drilled 800 m from the MB-2 and MB-3 wells at the Mnazi Bay gas field, has crossed Miocene gas reservoirs with net pay of 24 metres (Upper Mnazi Bay) and 43 metres (Lower Mnazi Bay) respectively, both ranked among the best of the five wells drilled at this field so far. According to Maurel et Prom pressure measurements have confirmed the lateral and the.... Read more »

Posted on : Saturday , 20th June 2015

New $57m KPC pipeline to ease fuel supply in western Kenya

The construction of a new and broader pipeline in western Kenya costing $57 million raises hope for more reliable supply of fuel for domestic use and export. China Petroleum Pipeline Bureau (CPPB), which won the contract, will build the 122 kilometres 10-inch pipeline from Sinendet to Kisumu parallel to the existing 6-inch facility to meet growing demand of refined fuel. The Kisumu depot on Lake Victoria's shore has a.... Read more »

Posted on : Saturday , 20th June 2015

Kenya, Uganda may decide on oil pipeline route by mid-July

Kenya and Uganda could decide by mid-July on the route for a crude pipeline linking their newly found oil fields to the Kenyan coast, a vital step for oil firms to make a final investment decision, a senior Kenyan ministry official said. Two possible routes have been proposed, one running through north Kenya to the coast in the Lamu region and a second following the route of an existing products pipeline further south that would.... Read more »

Posted on : Friday , 19th June 2015

KENYA TO UNVEIL ITS LARGEST BUDGET IN HISTORY

The budget which is a 17 per cent increase from that of the fiscal year 2014/2015 is expected to strike a balance between support for rapid economic and inclusive growth. The government is anticipating the economy to grow by 7 per cent this year bolstered by low global oil prices and it infrastructure projects. Kenya is emerging as one of East Africa’s developing hubs mainly because of its firm growth largely due to its.... Read more »

Posted on : Tuesday , 16th June 2015

Works on Rwf17b KBC project begin

Shortage of commercial and office space in the City of Kigali could soon reduce following plans to construct a 10-storey building at the site that was previously occupied by the Kigali Business Centre (KBC). The works on the Rwf17 billion project will start in August, Janviere Mporanyi, the Kigali Business Centre (KBC) managing director, has said. The project, adjacent to the Kigali Convention Centre, and opposite Kigali.... Read more »

Posted on : Tuesday , 16th June 2015

Rwanda Govt agencies tipped on how to use resources efficiently

According to environmental experts, the initiative could help cut government expenditure and also ease the pressure on the environment. Steven Niyonzima, the national co-ordinator for the Rwanda Resource Efficient and Cleaner Production Centre, said the approach will promote green economy initiatives besides supporting the environment and helping to avoid wastage in public institutions. Niyonzima was speaking during an.... Read more »

Posted on : Tuesday , 16th June 2015

ORCA EXPLORATION RECEIVES $60 MILLION FINANCING FOR THE SONGO SONGO DEVELOPMENT PROGRAMME

Orca Exploration has announced that it is proceeding with the first phase of the Songo Songo development programme following World Bank board approval of the International Finance Corporation financing. Through its operating subsidiary, PanAfrican Energy Tanzania Limited the World Bank board approved an investment of $60 million by IFC currently contemplated as a subordinated, income participating loan with flexible repayment.... Read more »

Posted on : Tuesday , 16th June 2015

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