Market News Page No. 532| Africa Business News | Afrotrade

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Partners Hit Gas Onshore Mozambique

Drilling of the Tembo-1 well on Mozambique’s Onshore Rovuma Concession has resulted in a natural gas discovery for Anadarko Petroleum (operator) and Wentworth Resources. The discovery was made in Cretaceous-aged sands. The Tembo-1 was drilled to a total depth of 4,553 meters and reached TD in Jurassic-aged sediments. Petrophysical analysis of the Cretaceous section indicates 11 meters of natural gas net pay..... Read more »

Posted on : Friday , 2nd January 2015

Otto Marine announces sale and leaseback of one AHTS at US$100million

Otto Marine Limited a leading offshore chartering group, which owns and operates more than 60 offshore support vessels globally, and also engaged in specialized shipbuilding, repair and conversion of offshore support vessels has announced that its shipyard division has sold an Anchor Handling Tug Supply Vessel to a renowned unrelated third party (the “Buyer”) for US$100 million. DNV classed and Norwegian-designed, the.... Read more »

Posted on : Friday , 2nd January 2015

Seadrill to purchase ultra-deepwater drillship West Polaris

Seadrill Limited has announced it has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited. The West Polaris was acquired by Ship Finance in 2008 and subsequently bareboat chartered to Seadrill with purchase options commencing in 2012.The purchase option price is US$456 million and total consideration payable to Ship Finance is US$108 million. The.... Read more »

Posted on : Friday , 2nd January 2015

The East African Business Council all set to boost regional trade

This will be promoted within the business community in the EAC Partner States and is expected to guide the private sector in provision and acquisition of services across the region, Andrew Luzze, the Executive Director East African Business Council, has said. The new code of conduct is expected to be ready by April 2015. “The Code seeks to incorporate key themes that are internationally recognised as basic.... Read more »

Posted on : Friday , 2nd January 2015

East Africa Investments grow by sh9 trillion

The growth, which was mostly driven by a boom in finance, insurance and real estate, accounted for 44% of actual investments, the Uganda Investment Authority (UIA) has said. Addressing journalists in Kampala recently, the executive director of UIA, Dr. Frank Ssebowa, said the authority registered an 8% growth in actual investments to $46.8m, compared to $43m recorded in the previous quarter. He added that the business service sector.... Read more »

Posted on : Friday , 2nd January 2015

China expands investment in Tanzania

The Tanzanian government has begun the compensation process for about 1,000 local residents who will need to be relocated, and construction will begin soon, Abdallah Kigoda, the Tanzanian minister for industry and trade, said at a news conference in Dar es Salaam last month, according to Xinhua, the Chinese state news agency. Mr Kigoda said that the Chinese side would provide $412.5 million for the project, located in the Kurasini area.... Read more »

Posted on : Friday , 2nd January 2015

Kenyan government to establish modern centre to support investors

The centre – one of the latest moves by the Government to make Kenya investor-friendly – will bring Government ministries and agencies involved in investment facilitation under one roof. “Our intention is to second senior officers to the Centre with sufficient authority to make decisions. I have directed the Ministry of East African Affairs and other Ministries involved to hasten this process,” he said. The.... Read more »

Posted on : Friday , 2nd January 2015

Tanzania Signs USD 1.2 Billion Power Connection Deal With Zambia And Kenya

The Governments of Tanzania, Zambia and Kenya have signed a Memorandum of Understanding (MoU) to fund a USD 1.2 billion power inter-connector project that will connect the Eastern African Power Pool (EAPP) to the Southern African Power Pool (SAPP). tanzania-kenya-zambia-power-gridThe Zambia-Kenya-Tanzania (ZTK) power interconnector project is scheduled to be launched at the end of 2015 or in early 2016 and is expected to be completed by.... Read more »

Posted on : Wednesday , 31st December 2014

Firm invests Sh2.2b into African factory

African EPZ factory commenced operations last week. Located in Mtwapa, Kilifi County, the new factory will manufacture garments for the international market. Speaking during the official opening of the $25 million (Sh2.2b) factory, Industrialisation and Enterprise Development Cabinet Secretary Adan Mohamed, said the opening of the facility has already created 3,000 direct jobs with a potential to create another 4,000 jobs in its second.... Read more »

Posted on : Wednesday , 31st December 2014

Over 100 investors eye African Upcoming Project

The ranch covering 1.78 million acres is located between Rivers Galana and Tana, which have adequate flow to supply water for irrigation. Agriculture Principal Secretary Sicily Kariuki said the project to ensure a million acres have been irrigated by 2017, has seen various investors express interest. “Over 100 investors have expressed interest in writing since last year. Some of the investors are from Malaysia, Germany, India,.... Read more »

Posted on : Wednesday , 31st December 2014

EAC explore trade opportunities with the Eurasian Economic Union

According to the statement, this was one of the resolutions agreed on during a recent meeting between EAC ambassadors in the Russian Federation and representatives of the EEC that took place at the Kenyan Embassy in Moscow, Russia. Rwanda was represented by Amb Jeanne d’Arc Mujawamariya and first secretary, Francis Karagire. “The meeting was aimed at learning about the EEC integration process and development of the economic.... Read more »

Posted on : Wednesday , 31st December 2014

Western Corporation Limited exploring the East African Oil & Gas Industry

Western Corporation limited signs up as a Platinum Sponsor at the 4th Oil & Gas Africa 2015 which will take place from the 27th – 29th April 2015, at the Kenyatta International Conference Centre, Nairobi, Kenya. The expo is a hub for key players in the oil and gas community, attracting leading oil, gas and petroleum companies from around the world. This regional trade event serves the resource-rich east African.... Read more »

Posted on : Wednesday , 31st December 2014

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