Market News Page No. 522| Africa Business News | Afrotrade

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Kenya Power receives Shs.17 billion loan

National electricity distributor, Kenya Power, has contracted a USD190 million (Shs.17 billion) long-term loan from the Standard Chartered Bank (SCB) to implement infrastructural development projects. Kenya Power’s Managing Director and CEO, Dr. Ben Chumo, said SCB emerged successful in an exercise carried out by the Company towards the end of last year through an Expression of Interest involving local and international financial.... Read more »

Posted on : Tuesday , 6th January 2015

Kenya Power to sell electricity to Rwanda

Kenya Power has entered into an agreement to sell 30MW of power to Rwanda. Kenya Power, Uganda Electricity Transmission Company Ltd (UETCL) and Rwanda Energy Group Limited (REG) have completed negotiations to facilitate the trade. The sale, expected to commence by July 2015, will be effected through the three entities’ already interconnected transmission grid, following the signing of a wheeling agreement between Kenya Power,.... Read more »

Posted on : Tuesday , 6th January 2015

South Africa tenders for coal-fired power plants

South Africa for bidders to submit proposals to build coal-fired power plants as part of a string of initiatives launched this week aimed at ending chronic electricity shortages. Bidders will need to pay a nonrefundable R200 000 rand ($17 000) fee when they submit proposals to build, operate and maintain the new coal plants, according to a tender notice posted in national newspapers. The government will give the winners a power purchase.... Read more »

Posted on : Tuesday , 6th January 2015

Solar IPP gears up for construction of 86 MW Prieska plant

Independent power producer (IPP) Sonnedix, which reached financial close in December on a 86 MW solar photovoltaic (PV) project near the Northern Cape town of Prieska, expects to begin site mobilisation during the second quarter of 2015 and for the plant to enter commercial operations by the third quarter of 2016. The project was among a group of 15 solar and wind projects to reach financial close under the third bid window of South.... Read more »

Posted on : Tuesday , 6th January 2015

Ethiopia s Gilgel Gibe Power Project To Kick Off In June

Ethiopia’s Gilgel Gibe dam project should be up and running by June this year, this is according to Azeb Asnake, CEO Ethiopian Electric Power Corporation. The project will be carried out along Ethiopia’s Omo River and is worth $1.8 billion. Gilgel Gibe project has began in 2008 and was to be fully functional three years later but it was delayed due to lack of funding as well as environmental issues; but it will.... Read more »

Posted on : Tuesday , 6th January 2015

Callkey Network targets East Africa�s Oil and Gas Industry with its VSAT products

Internet Service Provider Callkey Networks has said it will be giving special focus to players in the oil and gas industry by providing specially customized products that suits the various needs identified in the region. In special focus will be the provision of guaranteed services that meet data demands recognized by companies already carrying activities surrounding exploration and seismic acquisition. Under the Callkey.... Read more »

Posted on : Tuesday , 6th January 2015

Eni starts production at Nene Marine Field, offshore Congo

Eni has started production from Nené Marine field, offshore Congo, just eight months after obtaining the production permit and 16 months following the exploration discovery. The field is located in Marine XII Block, approximately 17 km from the coast. The start of production reflects another important success for Eni in Congo, a few days after the announcement of the excellent results of the test of Minsala Marine 1 well, also.... Read more »

Posted on : Tuesday , 6th January 2015

Eco Atlantic farms out licenses offshore Namibia

Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG) (NSX:EOG) is decreasing its near- to mid-term financial obligations by farming out part of its offshore Namibian licenses for carry and cash, and has revised and reduced its next-year work program in Namibia. Through its wholly owned subsidiary, Eco Oil and Gas (Namibia) (Pty) Ltd. (Eco Namibia), Eco Atlantic has entered into an amended and restated farm-out agreement with AziNam Ltd.,.... Read more »

Posted on : Tuesday , 6th January 2015

Africa: Improvement & Growth in the Manufacturing Sector

Africa should raise the profile of the manufacturing sector by investing in local value addition of its mineral industry to hedge against the falling prices of copper on the world market. Zambia Association of Manufacturers (ZAM) president Bright Chunga said decisive choices must be made such as local value addition in the mining industry. This would help tackle effects resulting from fluctuations in the prices of copper on the.... Read more »

Posted on : Tuesday , 6th January 2015

Africa:Total Investment Hits Over D4 Million

The total investment in 2014 has hit a staggering amount of more than D4M, according to its officials. Most of the investment was focused on water supply, education, health, environment and conflict resolution, the Siffoe based youth-led organisation chairperson, Kalifa Kanteh, disclosed. Speaking Saturday during the organisation's third annual assembly, he said their projects were divided into 12 core areas; all of.... Read more »

Posted on : Tuesday , 6th January 2015

EU Provides €40 Million Grants to Support Trade, Investment, Industrial Development in Africa

The ECOWAS Commission in Abuja, ECOWAS, West African Economic and Monetary Union (WAEMU) and the European Union, together with implementing partners has launched two major programmes representing an integrated initiative, which aims at promoting intra- and inter-regional trade, improving the business climate and strengthening the productive capacity of West Africa. These initiatives are aimed at fostering economic growth and.... Read more »

Posted on : Tuesday , 6th January 2015

Inchcape Shipping Services expands Nairobi office as East Africa production nears

Global marine, cargo and supply chain solutions provider Inchcape Shipping Services (ISS) has announced another key hire to its African regional management team, as the company gears up for ambitious growth across the region in 2015. Heading the team and to be based in Nairobi is Riaan Blom who takes up the position of Vice President Sales, Africa having joined the company this month. Riaan has a spanning over 20 years.... Read more »

Posted on : Tuesday , 6th January 2015

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