Market News Page No. 513| Africa Business News

Oil, Gas and Chemical Industry advised to adopt cost culture to survive current environmen

With the recent fall-off in oil prices, companies in virtually all sectors of the oil, gas and chemicals (OGC) industry worldwide are going to have to plan and manage their projects for greater capital productivity, something they weren’t doing particularly well before the price-drop, and along the way create a “cost culture” inside their companies. That’s according to a new study, which includes a survey of 250.... Read more »

Posted on : Tuesday , 10th February 2015

Mines ministry launches portal to track licences

The Mining ministry has adopted an online portal in a fresh campaign to boost transparency in the issuance of licences even as the industry awaits new laws to spur investments. The transactional Mining Cadastre Portal (OTMCP) launched last week by Deputy President William Ruto will track all mining licences — from exploration to production—that have been issued by the ministry. “Kenya is now among the few countries in.... Read more »

Posted on : Tuesday , 10th February 2015

Tanzanian market being weaned from leaded fuel

Energy and Water Utilities Regulatory Authority (Ewura) Director General, Mr Felix Ngamlagosi, and acting Director of Petroleum, Mr Gerald Maganga said in Dar es Salaam recently that the local market has still got sulfur enriched fuel with 5000ppm which will gradually be phased out “We still have stocks of sulfur enriched fuel products at our pump stations because its stocks were ordered in the past,” Mr Ngamlagosi.... Read more »

Posted on : Monday , 9th February 2015

Africa: a development hotspot in 2015

Content analyst at Infield Systems Limited, Catarina Podevyn, says Africa is expected to hold a 15% share of offshore capital expenditure over 2015, up 10%, led by developments offshore Angola. In West Africa, offshore Ghana and Congo will also see increasing expenditure, she adds. "Total's giant, the Egina development offshore Nigeria, is anticipated to be the single most capital intensive project offshore West Africa over 2015,.... Read more »

Posted on : Monday , 9th February 2015

Solo acquires Kiliwani North Development Licence in Tanzania

Solo has announced it has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence (KNDL) at a total consideration of US$3,500,000. The announcement follows prior statements in October and December last year where the company said it had signed binding heads of agreements and was awaiting the formal approval from the government Further, Solo and.... Read more »

Posted on : Thursday , 5th February 2015

Burundi commits to implement the EITI

The Government of the Republic of Burundi formally committed to implement the Extractive Industries Transparency Initiative, EITI Standard in a declaration published by Come Manirakiza, Minister of Energy and Mine on 20 January 2015 in Bujumbura. According to Manirakiza, Burundi hopes that this will increase transparency in the management of natural resources in the East Africa Community country. Natural resources, primarily.... Read more »

Posted on : Thursday , 5th February 2015

IFC to support solar projects

The International Finance Corporation (IFC) has announced new financing to help expand the reach of Off Grid Electric in rural areas and urban centres. IFC is an international financial institution that offers investment, advisory and asset management services to encourage private sector development in developing countries. The IFC is a member of the World Bank Group and is headquartered in Washington. The solar leasing.... Read more »

Posted on : Thursday , 5th February 2015

Oil, gas firms sign pact on Tanzanian asset

Aminex is an Africafocused UK oil and gas company with near term production, development and high impact exploration, premium listed on the London Stock Exchange and primarylisted on the Irish Stock Exchange. Solo Oil is an American oil and gas exploration firm with investments in Africa and other parts of the world. The recently signed agreement, however, still awaits formal approval by the Tanzanian authorities and the formal.... Read more »

Posted on : Thursday , 5th February 2015

Uganda: Oil, gas, minerals private sector fret at govt go-slow on VAT

Through the Uganda Chamber of Mines and Petroleum (UCMP), the private sector have consistently complained of value added tax (VAT) and withholding tax imposed during the investment phase of the oil, gas and minerals labeling it an additional cost. During a member’s meeting over the weekend, Elly Karuhanga, president of UCMP said after this tax is removed, investors will have no excuse not to come. “(the.... Read more »

Posted on : Wednesday , 4th February 2015

Oil prices rebound on signs of output cuts

Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52. It followed the release of data showing that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output. Meanwhile, US giant ExxonMobil reported a 21% fall in quarterly earnings on lower oil and gas production. Buying opportunity On Friday, data showed that more.... Read more »

Posted on : Wednesday , 4th February 2015

Kibaki Praises Kenya-Japan Ties, Calls for More Co-operation

Former President Mwai Kibaki has praised the good and long-running co-operation between Kenya and Japan that has translated into many social development programmes in the country. Mr Kibaki said through the collaboration, Kenya had benefited in various development spheres, more specifically in technology training, infrastructure development and food security. “Over the years, Japan has been Kenya’s key development partner in several.... Read more »

Posted on : Tuesday , 3rd February 2015

Kenya team woos leather investors in Turkey

A government delegation is in Turkey as part of an ongoing campaign to woo investors into the local leather industry. Industrialisation Cabinet Secretary Adan Mohammed is heading the team that includes officials from the Export Processing Zones Authority and members of Parliament. Private Kenyan investors are also in the trip. While there, the delegation is scheduled to hold meetings with Turkish investors as well.... Read more »

Posted on : Tuesday , 3rd February 2015