Market News Page No. 530| Africa Business News | Afrotrade

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Kenya banks set for another year of record profits

Commercial banks braved the many challenges in the economy to close the month of November ahead of the full-year profits in 2013 — giving the clearest signal yet that they are on course to setting a new profits record this year. The Central Bank of Kenya’s (CBK) latest report indicates that the lenders posted a Sh126.6 billion profit in the 11 months to November 30, compared to the Sh125.8 billion full-year pre-tax profit last.... Read more »

Posted on : Wednesday , 24th December 2014

Zambia-Tanzania-Kenya power inter-connector project

The project, which was signed in Livingstone, Zambia last week on December 15, 2014, is set for completion in phases between 2016 and 2018. “By doing so power tariffs would be reduced, our people would now get cheaper power possibly below $0.10 cents per unit,” Prof Sospeter Muhongo, Tanzania’s Minister for Energy and Minerals told East African Business Week. Some of the development partners to the project which.... Read more »

Posted on : Wednesday , 24th December 2014

BG Group agrees sale and charter of LNG vessels

BG Group has entered into an agreement with GasLog Ltd for them to acquire two modern tri-fuel diesel electric (TFDE) LNG carriers for proceeds of $460 million. BG Group will charter back the two vessels, the Methane Becki Anne and Methane Julia Louise, for nine and eleven years with further options to extend the term for each vessel by either three or five years. The transactions provide BG Group with flexibility in.... Read more »

Posted on : Tuesday , 23rd 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 : Tuesday , 23rd December 2014

Total begins drilling of its deepest offshore project yet

Total has today reached another milestone for the Egina project in Nigeria, as an intensive drilling program got under way. The company has mobilized two rigs which will be kept busy for a total of 3,000 days, drilling 44 wells in water depths ranging between 1,400 and 1,700 meters. “This is the deepest offshore project ever operated by Total,” comments Jean-Michel Guy, Executive General Manager of the Egina.... Read more »

Posted on : Tuesday , 23rd December 2014

India Plans to Step up Oil, Gas Investment in Africa

NEW DELHI -- India's state-run businesses are seeking to acquire stakes in oil and gas blocks in Africa, form joint ventures in the continent and supply organic gas to meet increasing fuel demand at property, Indian Oil Minister S. Jaipal Reddy mentioned... Today as considerably as 21.five% of India's crude oil imports are from Africa. In the years ahead, we seek far more crude oil and liquefied organic gas from Africa," Mr. Reddy stated.... Read more »

Posted on : Tuesday , 23rd December 2014

Rwanda: 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 as to.... Read more »

Posted on : Tuesday , 23rd December 2014

Kenyan County Invites Chinese Investment

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 in.... Read more »

Posted on : Tuesday , 23rd December 2014

WORLD BANK FUNDS CONSTRUCTION OF DAM IN KENYA

The International Development Association, World Bank's fund Kenya government $200 million (Sh18.12 billion) for the construction of a dam in Kwale County. Construction of Mwache Dam is intended to boost sustainable irrigation and access to clean water in the Coast region. The dam is one of the projects being undertaken by the Kenya Water Security and Climate This project is intended to boost investments in water infrastructure and service.... Read more »

Posted on : Tuesday , 23rd December 2014

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

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