Market News Page No. 536| Africa Business News | Afrotrade

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Analyst predict flat growth outlook for oil and gas industry in 2015

A new global oil and gas outlook by Moody’s has projected that the industry will witness a flat growth in 2015 a downgrade from the earlier expectation of more than 5 percent growth largely attributed to the drop in crude oil prices. According to the report 2015 and 2016 price assumptions are down by $10/bbl and $5/bbl drop respectively for the Brent price with assumptions for WTI crude down by $10/bbl for 2015, to.... Read more »

Posted on : Friday , 28th November 2014

Court lifts Temporary Injunction Order barring drilling of Badada-1 in Kenya s Block 2B

The high court in Nairobi has allowed Block 2B operator Taipan Resources to continue with drilling preparations after lawyers representing the Company’s wholly-owned Kenya-based subsidiary, Lion Petroleum Inc. sought a variation to the conservatory orders issued with respect to drilling activities. The court which agreed to vary its conservatory orders to allow the Operator to continue preparations for drilling also.... Read more »

Posted on : Friday , 28th November 2014

Cyprus and Egypt Talk Gas Export

Talks between Cyprus and Egypt on the possibility of exporting gas from Cyprus to Egypt are accelerating. Egypt, once an exporter of the resources, has had to divert production to meet domestic demands and is now exploring options to help meet its ever growing demand. While Cyprus has gas, discovered in late-2011, it does not have the infrastructure in place that Egypt does. “Egypt has a very huge (natural gas) infrastructure and.... Read more »

Posted on : Friday , 28th November 2014

Africa Committed to Supporting Manufacturing

The manufacturing sector is seen as a key driver for inclusive growth, job creation and poverty alleviation, but it has been in decline for the past three decades. This has prompted South Africa to commit resources to building and supporting it. Trade and Industry Minister Rob Davies pointed out that the demise of South Africa's tool, die and mould making (TDM) sector over the last 30 years had resulted in a loss of more than 80% of the.... Read more »

Posted on : Friday , 28th November 2014

Industrialisation to transform Africa

Africa industrialisation day is an annual event celebrated to showcase relevant actions and success stories that promote Africa’s industrial development. The event will take place under the theme “Inclusive and sustainable industrial development (ISID): Agro-industrial development for food security.” Also, African Union 2014 was designated as the year of Agriculture and Food Security, while the UN.... Read more »

Posted on : Friday , 28th November 2014

Shaw Controls invests US$605,000 in Industrial expansion

“Although we have been one of the top three electrical equipment suppliers in the country for some time, we have now set our sights firmly on becoming South Africa’s number one motor control centre and container sub-station manufacturer," said Bevan Richards, managing director of Shaw Controls. “The upgrades we are implementing during 2011 and 2012 are part of a five year growth strategy designed to take us a quantum.... Read more »

Posted on : Friday , 28th November 2014

Industrial Development coorperation to build steel mill

The IDC has been trying to secure sufficient energy supplies to convert its plans into a reality, since the plans to launch a new steel mill were revealed last year. The IDC is part of a group including Chinese steel producer Hebei Iron and Steel, which acquired a 74.5 per cent stake in Palabora Mining from Rio Tinto and Anglo American. Palabora’s main asset, a copper mine in Limpopo, has amassed a 240mn tonne dump of magnetite,.... Read more »

Posted on : Friday , 28th November 2014

Kenyans should be the winners in oil contracts

hen Kenya struck oil in Turkana and Wajir counties a few years ago, majority of Kenyans were excited at the prospect of petrol dollars. Finally, the hitherto dry and poverty-stricken counties were on the cusp of a breakthrough and in the process, Kenya would join the league of oil-rich countries. Oil, as a source of energy, is one of the most sought-after resources in the world. However, emerging reports indicate Kenya could get a raw deal.... Read more »

Posted on : Thursday , 27th November 2014

Japan's Toyota Tsusho to design Uganda-Kenya crude pipeline

Japan's Toyota Tsusho has won a contract to design an oil export pipeline from Uganda to Kenya's coast, a Kenyan official said on Wednesday, as the countries seek to start crude production. Oil discoveries in Uganda and Kenya and gas deposits found off Tanzania and Mozambique have turned east Africa into a frontier for hydrocarbon exploration. Landlocked Uganda is planning to start crude production in 2018,.... Read more »

Posted on : Thursday , 27th November 2014

Attractive Industrial Investment opportunities in kenya

Sri Lankan President Mahinda Rajapaska recently visited Kenya during the East African nation's 50th independence ccelebrations. The visit was intended to open new collaborative economic opportunities for the governments and their respective private sectors. Eight Memoranda of Understandings including agreements on bilateral relations, bilateral trade and economic and technical cooperation were signed. New.... Read more »

Posted on : Thursday , 27th November 2014

Kenya pursues growth in the manufacturing sector

Kenya’s government is currently considering the final iteration of a bill that would establish three special economic zones (SEZs) within the country. The SEZs will allow lower levels of taxation and fewer regulatory hurdles, and will focus primarily on industrial activity, in particular textile production. The SEZ bill is part of a broader initiative to boost the manufacturing sector, diversify the country’s exports and.... Read more »

Posted on : Thursday , 27th November 2014

Kenyan steel maker to invest in metal sheet production

Kenya-based steel company Devki Group will invest US$321.2mn in the manufacturing of metal sheets used to produce roofing sheets and key automobile components The company will start the production of Aluzinc, which is used in making exhaust pipes and chassis. Devki has plans to export up to 40 per cent of its Aluzinc to automotive industries in South Africa and Europe. The firm has confirmed that work will commence as early as.... Read more »

Posted on : Thursday , 27th November 2014

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