Market News Page No. 519| Africa Business News | Afrotrade

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New Egyptian Discovery for Kuwait Energy

Kuwait Energy Co. (KEC) saw a discovery on the East Ras Qattara development lease in Egypt’s Western Desert. The discovery was made with the drilling of the Shahd-4 well in the Wadi El Natrun formation (Jurassic). KEC holds a 49.5% revenue interest in the East Ras Qattara development lease, while the remaining 50.5% is held by Chile’s state-run ENAP’s international unit Sipetrol. Tests of the Wadi El Natrun formation.... Read more »

Posted on : Monday , 22nd December 2014

Oil & gas landmarks-Key milestones were reached

Dogged by a myriad of obstacles since commercially viable quantities of oil and gas were first announced in 2006, the oil and gas sector registered several milestones this year than it possibly did in the first six years of discovery. Just a month into 2014, the government agreed with the three oil companies, Tullow Oil Uganda, Total E&P and the Chinese National Offshore Oil Corporation (CNOOC) on the Field Development Plan paving way.... Read more »

Posted on : Monday , 22nd December 2014

Tower Resources resolves dispute with Repsol in Namibia

Tower Resources has announced that it has reached agreement with the Operator, Repsol Exploration (Namibia) (Pty) Limited relating to the disputed costs associated with the drilling of the Welwitschia prospect, offshore Namibia. As announced on 3rd September 2014, the Operator’s estimate of well and other related costs for the drilling of the Welwitschia prospect, which had been completed on 15th June 2014, had increased to.... Read more »

Posted on : Monday , 22nd December 2014

Manufacturing market expands opportunities

South Africa-based wood-preservative chemicals supplier Dolphin Bay Chemicals implemented its first pilot wood treatment of wood ammonium copper quaternary (ACQ) ACQ was developed in the US and is being manufactured locally by Dolphin Bay Chemicals under its Permacure brand. As the only ACQ manufacturer in Africa, Dolphin Bay Chemicals is also one of only two companies on the continent that manufacture chromated.... Read more »

Posted on : Monday , 22nd December 2014

Manufactures�Line Up New Investments in East Africa

Savannah Cement, one of the country's newest market entrants, is set to build two new plants as it nears exhaustion of its current capacity, managing director Ronald Ndegwa said. He said the cement maker will invest between $250 million (Sh22.31 billion) and $350 billion (Sh31.23 billion) for a clinker plant and a second mill to support its existing operations. "We see ourselves running out of headroom in two to three years.... Read more »

Posted on : Monday , 22nd December 2014

Indian trade mission aimed to generate millions in new business with Africa

The Federation of Gujarat Industries (FGI) hopes that its recent nine-day trade mission to South Africa will, on its own, generate at least $10-million in bilateral trade. So stated FGI senior VP and mission head Janak Seth at a trade briefing in Sandton (north Johannesburg) during the visit. Gujarat is a coastal state in north-west India. While 5% of India’s population live in the state, it is responsible for 17% of the.... Read more »

Posted on : Monday , 22nd December 2014

Africa: World Wood Production Up for Fourth Year - Paper Stagnant As Electronic Publishing Grows - UN Report

Continuing steady growth in 2013 for the fourth consecutive year, global wood production has fully recovered from the economic downturn of 2008-2009, though production of pulp and paper stagnated largely due to a decline in consumption in China, data released by the United Nations' Food and Agricultural Agency (FAO) revealed today. FAO also reported that after 38 years of uninterrupted growth, production of paper and consumption of pulp and.... Read more »

Posted on : Monday , 22nd December 2014

Kenya: Finally, Konza City Gets a Road Through It

Nairobi — Deputy President William Ruto was on Monday to commission Konza Road that will open up the proposed Konza technopolis to infrastructural investment. The accessible road is part of a raft of ongoing infrastructural efforts geared at laying a foundation for the commencement of construction of Phase 1 of the Techno City. Following contract signing with American firm Terra Tech for development of a smart city,.... Read more »

Posted on : Monday , 22nd December 2014

DFID and Turkana County government agree on landmark development project

DFID-Kenya committed to Turkana County Government to support engagement of communities, with oil companies and NGOs, for local development of areas The UK's Department for International Development (DFID-Kenya) committed to Turkana County Government to support engagement of communities, with oil companies and NGOs, for local development of areas affected by oil explorations. Speaking during the signing of the framework, Head of DFID Kenya, Ms.... Read more »

Posted on : Sunday , 21st December 2014

Ghana government backtracks on power utility privatization

Ghana has admitted that it is privatizing the country's power utility as part of conditions to access foreign funding, barely six months after it dismissed reports about the move. The government is holding a series of stakeholder meetings to consider concession or partial privatization of the Electricity Company of Ghana (ECG). "Government is considering concession or partial privatization of power utility, Electricity Company of.... Read more »

Posted on : Sunday , 21st December 2014

Rwanda: Small solar units to help expand electricity access

Rwanda is expanding the use of small solar units for remote households and schools to help meet a government target of increasing access to electricity to 70 percent of the nation by 2018 from just 22 percent now, officials said. The company, which produces small solar power systems aimed at low-income countries, is working to install 50,000 units in households and schools in the next four years in east Rwanda and with plans to extend its.... Read more »

Posted on : Sunday , 21st December 2014

Ethiopia plans to expand energy and industry with Eurobond funds

Ethiopia plans to expand industry, sugar factories and power production using proceeds from its oversubscribed debut Eurobond that raised $1 billion, the finance minister said on Tuesday. Ethiopia is the latest African state to receive a strong response on its first foray into the international debt markets. Investors have been eyeing Africa's sturdy growth rates and Ethiopia's economy is now expanding by about 9 percent a year. "This.... Read more »

Posted on : Sunday , 21st December 2014

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