Market News Page No. 529| Africa Business News

Taipan Resources awards drilling contracts for Badada-1 well in Kenya s Block 2B

Block operator in Block 2B Taipan Resources has announced that together with other joint-venture partners, have executed a contract with Greatwall for the GW-190 land rig and have also contracted Aberdeen-based Norwell Engineering to manage the drilling operations of the Badada-1 well. The GW-190 land rig recently completed the drilling of the Sala-1 discovery in Block-9 of Anza Basin, Kenya, adjacent to.... Read more »

Posted on : Friday , 12th December 2014

Kenya Opens World's Largest Single Turbine Geothermal Plant

Kenyan President Uhuru Kenyatta has just opened the world’s largest single turbine geothermal power plant, which will add 140 Megawatts (MW) to the country’s national electricity grid. The project is viewed as a major boon for development initiatives and poverty reduction in Kenya and is anticipated to reduce electricity costs in the nation by 50 percent by early 2015. The Olkaria IV power plant cost $126.5 million to build and is.... Read more »

Posted on : Monday , 15th December 2014

Aora to provide solar-hybrid power solution in Ethiopia

Solar energy solutions provider Aora has announced that its plans to construct an initial pilot of its Tulip solar-hybrid power plant in Ethiopia Aora’s Tulip solar-hybrid system uses a gas turbine that can operate on any alternative fuel, which guarantees an uninterrupted and stable power supply 24 hours a day in all weather conditions. Construction of the first pilot plant is expected to begin by mid-2015. Company officials said.... Read more »

Posted on : Monday , 15th December 2014

Chinese developer to build Sh5bn high-end Kilifi resort

Chinese real estate firm Sultan Palace Development plans to construct a Sh5 billion high-end resort in Kikambala, Kilifi, targeting the luxury holiday homes market. Sultan Palace said its investment is driven by a growing demand for beach resorts globally, with Kenya becoming a popular destination. “There was a gap in this sector and we felt the need to venture into this market as Kenya has proven one of the most.... Read more »

Posted on : Friday , 12th December 2014

African middle-class creating opportunities for private healthcare

There is a strong demand in Africa for quality, world-class private healthcare, especially from the emerging middle-class, foreign investors, government and health insurers. So says Peter Botha, chief executive of African Medical Investments, in a new report by the Economist Intelligence Unit, sponsored by Janssen, titled “The future of healthcare in Africa”. London-listed African Medical Investments currently operates.... Read more »

Posted on : Friday , 12th December 2014

LeapFrog joins Kenya health

NAIROBI, Kenya - Competition in the Kenyan and regional health insurance sector could heighten with the acquisition of a major player by global private equity firm, LeapFrog Investments. LeapFrog Investments known globally for shaking markets that it enters last week announced plans to acquire a controlling stake in Resolution Health East Africa Limited. The acquisition is said to cost anything in the region of $19 million and according to.... Read more »

Posted on : Friday , 12th December 2014

Tanzania to get second floating clinic

MWANZA, Tanzania – The Lake Tanganyika Floating Health Clinic/WAVE non-governmental organization is introducing a floating health clinic on Lake Tanganyika. East African Business Week has learnt that LTFHC/WAVE is an international NGO whose mission is to help ease problems of healthcare access for isolated communities in the Lake Tanganyika Basin. Lake Tanganyika basin is one of the most remote areas in Tanzania. LTFHC has.... Read more »

Posted on : Friday , 12th December 2014

Sahara Energy extends well test, to strike first oil in 2015

The Chief Operating Officer (COO) of Sahara Energy Upstream Group, Mr. Curtis Cohen has said the firm is carrying out an extended production test on the Oki field located in Oil Prospecting Lease (OPL) 274 in North Western Niger Delta, Daily Independent reports. The activity is in readiness to strike first oil from the field before the end of the first half 2015. According to Cohen,.... Read more »

Posted on : Friday , 12th December 2014

U.S. reserves surpasses Nigerian reserves - fifth consecutive year

U.S. crude oil and lease condensate proved reserves has increased for the fifth consecutive year in 2013, increasing by nine per cent from the 2012 level to 36.5 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2013 report released yesterday by the U.S. Energy Information Administration (EIA), The Guardian reports. With this new record, the U.S has surpassed Nigeria, whose reserves stands at 28.2.... Read more »

Posted on : Friday , 12th December 2014

Kenya: DFID, Turkana County Agree on Landmark Project

THE United Kingdom's Department for International Development (DFID-Kenya) has committed to support Turkana County Government in engagement of communities, oil companies and NGOs for local development of areas affected by oil explorations. Speaking during the signing of the framework, Head of DFID Kenya, Lisa Phillips said The UK was excited about discoveries of oil and gas in Kenya. "It's important that there is wide.... Read more »

Posted on : Friday , 12th December 2014

Tata draws up plans for Kenyan vehicle market

India’s Tata Group yesterday said it is in talks with partners in Africa to set up new assembly lines for commercial and passenger vehicles in Kenya and Tunisia. Tata Motors head of international business R.T. Wasan said that the company will form alliances to sell commercial vehicles in Africa. “We have identified a few partners in Tunisia and Kenya,” said Wasan. “They will be assembling our small,.... Read more »

Posted on : Thursday , 11th December 2014

TVS makes a foray into Kenya

TVS has officially commissioned its assembly line at Nakuru, Kenya. It has also officially announced that there will be two bikes launched specifically catering to the usability, reliability and durability needs of the Kenyan markets. TVS has been present in the Kenyan market for more than 10 years and shares its distribution efforts with Kenya-based Car & General. The TVS two-wheelers sold in the Kenyan market are the MAX 4R, Star.... Read more »

Posted on : Thursday , 11th December 2014