Market News Page No. 528| Africa Business News | Afrotrade

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Ormat Signs 25-Year Power Contract for Kenya Geothermal Project

Ormat Technologies Inc. (ORA), a U.S. developer of geothermal energy, signed a 25-year agreement to supply Kenya Power & Lighting Co. with electricity from a 35-megawatt project. Ormat’s majority-owned Kenya unit will build and operate the Menengai power plant, according to a statement today from the Reno, Nevada-based company. Construction is expected to begin after financing is completed, and terms of the power sale weren’t.... Read more »

Posted on : Friday , 19th December 2014

Kenya gets Sh12bn from AfDB for new power connections

The African Development Bank (AfDB) will lend the Kenya Government Sh12.2 billion to help pay for more than 300,000 new electricity connections. This follows the signing of a loan agreement Thursday by Treasury secretary Henry Rotich and AfDB Regional Director Gabriel Negatu to finance the implementation of the ‘Last Mile Electricity Connectivity’ project. President Uhuru Kenyatta and Deputy President William Ruto witnessed the.... Read more »

Posted on : Friday , 19th December 2014

African steel wire manufacturing incorperates European and American manufacturing standards

Stainless steel metal and inert gas (MIG) welding wire, locally produced by stainless steel bar and wire producer Wire Products Stainless Steel (WPSS) since 2010, was tested by the Italian Welding Institute, in Genova, in the past two months and found to be similar to products of European quality and standard, WPSS director Clinton Lautenberg tells Engineering News. “The results from the Italian Welding Institute . . ..... Read more »

Posted on : Friday , 19th December 2014

Chinese Investment for Kenyan Country

A Kenyan county on Monday called on Chinese investors to exploit opportunities that exist in infrastructure, agro-processing and tourism. Officer in Charge of Intergovernmental Coordinator at the Laikipia County Lantano Nabaala told a team of Chinese journalists that investors should tap the full gains of the county's natural resources. "Laikipia is rated as the fifth county in Kenya to invest in, and one of the best places to visit.... Read more »

Posted on : Friday , 19th December 2014

Africa: More Investors Commit to Boosting Exports

Eight more companies have signed agreements with government committing to increase production and scale up exports. The companies are in the mining and manufacturing sectors and include Rwanda Plastic Industries, Rwanda Allied Partners, Minimex, Demikaru Ltd, East African Granite Industries and Development Mining Company Ltd. Under the agreements, companies committed to expanding the scope and mode of production along the value chain so.... Read more »

Posted on : Friday , 19th December 2014

Investors Turn to East Africa for Growth Prospects

Investors targeting Africa are looking east as an oil-market rout depresses economic growth prospects in Nigeria and other crude-producing nations. Stocks have surged 22 percent in Tanzania, 18 per cent in Uganda and 9.4 per cent in Kenya since oil began falling from a peak of $115.71 a barrel on June 19. Lower fuel-import costs are helping to keep inflation and interest rates in check and bolster their economies. That contrasts with a 24.... Read more »

Posted on : Friday , 19th December 2014

Angola s Sonangol secures $2 billion loan for refinery, other projects

China Development Bank (CDB) has extended a $2 billion line of credit to state-owned Sonangol EP to support expansion projects in Angola’s oil and gas sector. The financing agreement was signed on Dec. 12 in Beijing, China, Sonangol said. In addition to allowing execution of other large projects in crude oil exploration, refining, and logistics, the 10-year loan agreement, which opens prospects for other long-term.... Read more »

Posted on : Thursday , 18th December 2014

Ivory Coast signs deals with ExxonMobil for two oil blocks

Ivory Coast has signed production sharing agreements with oil giant Exxon Mobil for two ultra-deepwater blocks in the Gulf of Guinea, the West African nation’s oil minister said. The deal covers Ivory Coast’s CI-602 and CI-603 blocks, which cover 3,874 and 5,543 square kilometres respectively and vary in depth from 3,000 to 4,000 metres. “The maximum exploration period is nine years for each block and,.... Read more »

Posted on : Thursday , 18th December 2014

Nigeria: GE and Heirs Holdings Partner to expand footprint in the Oil and Gas Services Sector

These companies which are aggressively working towards the development of African sub continent have agreed to jointly pursue and strive towards the growth of oil and gas industry in Nigeria. Before now, GE's collaboration with Heirs Holdings was focused on the Nigerian power sector towards the expansion of the largest power station in Nigeria. The move is a clear demonstration of a new approach by multinational companies to develop meaningful.... Read more »

Posted on : Thursday , 18th December 2014

South Africa to announce 1,000 MW of renewable energy contracts

JOHANNESBURG - South Africa will announce a series of renewable energy projects on Monday that will add 1,000 megawatts (MW) of power into the country's constrained electricity grid. It is also committed to introducing renewable into its mix of power generation, 95 percent of which is coal at the moment. The so-called "Window 4" of its renewable energy bidding rounds has invited bids for a range of renewable projects such as.... Read more »

Posted on : Thursday , 18th December 2014

Kenya: Final Olkaria Project Phase Linked to National Grid

Nairobi — The Kenya Electricity Generating Company (KenGen) has connected the Olkaria I unit 5 to the national grid, paving the way for the completion of the 280 Megawatt geothermal power project. The unit, still being tested, is now feeding 52.5MW of electricity to the national grid and marks the final phase in what is seen as a major step toward significantly lowering the cost of electricity in East Africa's largest economy. "On.... Read more »

Posted on : Thursday , 18th December 2014

Security companies reap from LNG exploration in Tanzania

BG Group has contracted pan-African security provider Warrior Security Company to secure its sites in Tanzania, in a partnership that has seen the 3500-strong security company extend its recruitment drive and training programme and bring innovative terms and conditions to Tanzanian security staff. To ensure top rate security at the sites, Warrior says it has introduced higher salaries, shorter shifts, staff transport and.... Read more »

Posted on : Thursday , 18th December 2014

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