Market News Page No. 543| Africa Business News | Afrotrade

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Swala Energy to seek alternative funding for drilling in East Africa

Board members of Australian explorer Swala Energy have said the company will be seeking alternative funding to finance its drilling obligations ahead of its planned campaign in 2015 after a Share Purchase Plan which closed 17th November 2014. The Share Purchase Plan was withdrawn after Swala’s board observed that it was not in the best interest of shareholders given the current equity market conditions and.... Read more »

Posted on : Thursday , 27th November 2014

Russia s Lukoil to invest in Nigerian project with Chevron

Russia’s second-largest oil company, privately controlled Lukoil, said on Friday it planned to invest in Nigeria with U.S. oil major Chevron Corporation , part of its push to seek opportunities away from Russia’s state-dominated oil sector. “We have decided to enter a joint block with Chevron in a project in Nigeria, which we consider to be promising,” Chief Executive Vagit Alekperov told.... Read more »

Posted on : Wednesday , 26th November 2014

Callkey Network targets East Africa s Oil and Gas Industry with its VSAT products

Internet Service Provider Callkey Networks has said it will be giving special focus to players in the oil and gas industry by providing specially customized products that suits the various needs identified in the region. In special focus will be the provision of guaranteed services that meet data demands recognized by companies already carrying activities surrounding exploration and seismic acquisition. Under the Callkey.... Read more »

Posted on : Wednesday , 26th November 2014

UAE's Mubadala signs US$5 billion deal with Africa to develop aluminium industry

According to Reuters, Guinea’s minister for mines and geology, Mohamed Lamine Fofana, said the deal included a US$4bn contract for building an alumina refinery and port and a US$1bn agreement to extract and export bauxite to the UAE. Fofana added, “The bauxite will be ready for export by 2017 and the refinery with a capacity to produce two million tonnes per annum, will become operational by 2022.” The port is expected.... Read more »

Posted on : Wednesday , 26th November 2014

Saudi Arabian firm begins Industrial exploration in East Africa

Saudi Arabian conglomerate SABIC, which is 70 per cent-owned by the government and has interests in chemicals production, fertilisers, industry polymers and metals, has been exploring the Atomai Mines in Zouerate, northern Mauritania and has been conducting a series of feasability studies. The site is believed to hold more than 500mn tonnes of iron ore reserves, according to initial estimates. Technical studies reveal that there could be.... Read more »

Posted on : Wednesday , 26th November 2014

Africa plans to develop Industrial sub sectors

Aganga noted that the initiative was in line with the Nigeria Industrial Revolution Plan (NIRP), which has been strategically developed and linked with sectors of the economy where the country currently has competitive and comparative advantage such as mines, steel and agri-business. "What we have done today is to bring together all the stakeholders in the metal sector which is critical to industrialisation to look at how we can.... Read more »

Posted on : Wednesday , 26th November 2014

Egyptian Steel planning for IPO in 2015

According to Reuters,Egyptian Steel chairman Ahmed Abou Hashima said the company planned to also increase production capacity by seven-fold over the next two years. “The market in Egypt is very promising. We have a very large population and increasing consumer demand,” said Hashima. The Egyptian bourse has not had an IPO for three years now. Egyptian Steel was established in 2010 as a joint venture between some.... Read more »

Posted on : Wednesday , 26th November 2014

GZ Industries to invest US$100 million into manufacturing facility in Kenya

The company plans to begin operations in early 2015 and will produce 1.2bn cans annually, it stated. Motti Goldmintz, CEO of GZ Industries, said, "The decision to invest in an aluminium can line follows a significant upturn in the demand for canned beverages in Kenya. The total annual production of sodas in the market has reached a high of 371.4mn litres in 2011." According to statistics, beer production in Kenya has also hit a.... Read more »

Posted on : Wednesday , 26th November 2014

Africa Lubricants Market worth 4,871.0 KT by 2019

The report " Africa Lubricants Market by Type (Mineral Oil, Synthetic Oil, Bio-based Oil, and Greases), by Application (Passenger Vehicles, Commercial Vehicles, Aviation and Marine and Industrial Machinery and Equipment) - Global Trends & Forecasts to 2019", defines and segments the Africa lubricants market with analysis and forecast in terms of volume. Browse 72 Market Data Tables and 53 Figures spread through 167 Pages and.... Read more »

Posted on : Wednesday , 26th November 2014

US firm cancels plans for oil exploration in Arabuko forest

CAMAC energy, a US based oil and gas exploration firm, has cancelled a planned seismic survey in Arabuko-Sokoke forest in Kilifi county. The exercise which was to begin this month had met with protests from environmentalists who said that the survey might leave an irreparable damage to the forest. Arabuko-Sokoke is the largest remaining fragment of the East African coastal forests, holding the last populations of some.... Read more »

Posted on : Tuesday , 25th November 2014

Ghana government signs oil and gas exploration deal with Italy's ENI

Ghana's government has given Italian energy firm Eni the final green light to develop gas resources in the Offshore Cape Three Points (OCTP) block, expected to begin production in 2017, it said on Monday. The government, hoping to boost oil and gas production, said in a statement that it also planned to acquire a third floating production storage and offloading (FPSO) vessel, to be used for the $6 billion offshore project which.... Read more »

Posted on : Tuesday , 25th November 2014

Africa to Partner Israel, India, China Others On ICT Growth

AS a measure targeted at improving the growth of Information and Communications Technology (ICT) in Nigeria, the National Information and Technology Development Agency (NITDA) has informed of plans by the country to sign a Memorandum of Understanding with countries including Israel, India, China and the United Arab Emirates. According to NITDA, the partnership will cut across various segments of the ICT industry including eGovernance;.... Read more »

Posted on : Tuesday , 25th November 2014

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