Market News Page No. 517| Africa Business News | Afrotrade

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Tullow Oil to drill first exploration well in Kenya�s Block 12A

Tullow Kenya is to drill its first exploration oil well in Elgeyo Marakwet later this year, as the company continues to expand its oil and gas search into new areas within the country. The oil exploration company said the proposed exploration well named Lekep-A , will be the first exploration well to be drilled by Tullow on Block 12A. Speaking at a meeting with Elgeyo Marakwet leaders held Rob Gerrits, and the Tullow.... Read more »

Posted on : Saturday , 17th January 2015

Ethiopia adds a further 1 870 MW with Gigel Gibe III Hydroelectric Project

The Gilgel Gibe III Hydropower project, constructed and situated on the Omo River in Ethiopia is expected to, once completed, generate 1 870 MW of power assisting in meeting the energy needs of those residing in Ethiopia and neighbouring countries. Construction of the 243m concrete dam began in 2008, and is scheduled to start generating power in early 2015. It is reported that Gigel Gibe III’s ten 187MW turbine units will boost.... Read more »

Posted on : Friday , 16th January 2015

Menengai geothermal to save nation Ksh 13 billion

Kenya will save about Ksh 13 billion annually once the 105 MW geothermal power plants start to operate in Menengai, Nakuru by end of 2015. The project run by the Geothermal Development Company (GDC) has now awarded three IPPs land where they will put up power plants. The company is also constructing a major steam gathering pipeline that will distribute the steam from wells to turbines. “We now have three new investors partnering with the.... Read more »

Posted on : Friday , 16th January 2015

East Africa looks to boost exports through trade balance

In the wake of the global economic crisis, Kenya’s exports grew rapidly, rising from KSh344.9bn ($3.9bn) in 2009 to KSh409.8bn ($4.6bn) in 2010, a jump of 18.8%, according to the Kenya National Bureau of Statistics. Even amidst the slowdown in eurozone demand, overseas sales continued to increase over the following year, climbing 24.7% to hit KSh511bn ($5.8bn) in 2011. The pace of expansion has slowed since then and, in 2012, exports.... Read more »

Posted on : Friday , 16th January 2015

Kenya pursuing manufacturing growth

Kenya’s government is currently considering the final iteration of a bill that would establish three special economic zones (SEZs) within the country. The SEZs will allow lower levels of taxation and fewer regulatory hurdles, and will focus primarily on industrial activity, in particular textile production. The SEZ bill is part of a broader initiative to boost the manufacturing sector, diversify the country’s exports and.... Read more »

Posted on : Friday , 16th January 2015

ION Geophysical to acquire 2D seismic in offshore Puntland

ION Geophysical has announced that it has signed the first of a kind offshore multi-client 2D seismic survey agreement with the Puntland Petroleum and Minerals Agency. According to ION Geophysical the survey will help demarcate a block boundary scheme for future licensing activity as well as provide more than 7,600 km of pre-stack depth-migrated data to help explorationists gain a better understanding of both the.... Read more »

Posted on : Friday , 16th January 2015

Drilling of Kifaru-1 well in Mozambique begins

Wentworth Resources has announced the beginning of drilling operations on the Kifaru-1 exploration well by the Helmerich & Payne rig #243 in the Rovuma Onshore Concession in northern Mozambique. The Kifaru-1 exploration well is targeting Miocene sands, similar to the reservoirs in the Mnazi Bay and Msimbati gas fields in southern Tanzania, as well as Oligocene and Cretaceous sands. The Kifaru-1 well has a planned.... Read more »

Posted on : Friday , 16th January 2015

2015 Designated The International Year Of Light And Light-Based Technologies

The United Nations has designated 2015 as the International Year of Light and Light-based Technologies to raise awareness on light science and how light-based technologies promote sustainable development and provide solutions to global challenges such as energy, education, agriculture and health. The official launch of the year (IYL2015) takes place on January 19-20, 2015 in Paris. While lighting accounts for about 20 percent.... Read more »

Posted on : Friday , 16th January 2015

UK exporters competing for business in Africa

UK Export Finance (UKEF), the UK's export credit agency, has announced that it is making enhanced cover available to UK exporters competing for business in Rwanda. Enhancing the cover available means that, for the first time, UKEF will be able to provide guarantees for repayments to banks financing UK capital goods and services, as well as projects involving UK exporters. UKEF is also able to provide insurance to UK exporters against the.... Read more »

Posted on : Thursday , 15th January 2015

Africa to Set Up Independent Body to boost industrialization

Oromia is conducting a study which could lead to the establishment of an autonomous body that will be fully in charge of industrial development in the region, instead of the Industry & Urban Development Bureau as is the case now. This follows from Addis Abeba, which set up the Industry Development Bureau in November 2014, taking it out of Trade and Industry Bureau. This bureau, currently recruiting staff, could open its doors in less.... Read more »

Posted on : Thursday , 15th January 2015

Sh2bn to help boost power supply system

Kenya Power has secured $25 million (Sh2.25 billion) funding from the Africa Finance Corporation.The money is part of a $150 million syndicated loan that the company is seeking to fund rehabilitation of its network ahead of absorption of extra 5,000 megawatts of power that are to be generated from the government’s plan to scale up power production by the end of next year. The terms of the loan remain undisclosed but according to a.... Read more »

Posted on : Thursday , 15th January 2015

Centum to raise Sh39bn for Lamu coal power plant

Investment firm Centum is set to raise at least Sh39 billion as its share for the $1.8 billion (Sh163 billion) Lamu Coal power plant which it is building in a joint consortium.Centum and Gulf Energy, another Kenyan firm, form part of a consortium that won the tender to build the 960 megawatt (MW) power plant. Chinese multinationals Sichuan Electric Power Design and Consulting Company Limited, Sichuan Power Construction Company and China.... Read more »

Posted on : Thursday , 15th January 2015

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