Market News Page No. 548| Africa Business News | Afrotrade

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Vehicle assemblers hit record in August

August recorded the highest number of vehicles assembled locally in a single month for over more than five and a half years, signalling a growing appetite for new vehicles. Provisional data show 879 vehicles were assembled in the month, upholding a trend likely to see 2014 as the strongest year for new motor vehicle dealers. Industry players say demand is mainly being driven by counties buying fleets, school buses and focus on high capacity.... Read more »

Posted on : Friday , 31st October 2014

Tanzania: Crown Invests Sh321 Million in Dar es Salaam Plant

Crown Paints has invested $3.6 million (Sh321.59 million) in a new manufacturing plant in Dar es Salaam, it announced yesterday. The money will be released in bits over the next 18 months. This will be its third after Arusha and Mwanza where it already has a presence. "This is our second step into the Tanzanian paint industry, since we have already established a mini plant in Arusha and distribution depots in Arusha and Mwanza,".... Read more »

Posted on : Friday , 31st October 2014

World s first subsea wet gas compressor station set for installation in 2015

The world’s first subsea wet gas compressor station is now ready for the final testing at Horsøy before being prepared for installation and hook-up to Gullfaks C, an oil and gas field in the Norwegian sector of the North Sea, in 2015 Statoil has announced. The compressor is expected to help extend the field’s productive life by 22 million extra barrels of oil equivalent from the Gullfaks South Brent.... Read more »

Posted on : Friday , 31st October 2014

Kenya could beat Mozambique, Tanzania for Upstream Investment in East Africa � GlobalData Analyst

Kenya will need to focus on providing a competitive and stable fiscal environment if it is to fully exploit its offshore gas industry and attract investors ahead of Mozambique and Tanzania, says an analyst with research and consulting firm GlobalData. Reece Straker, GlobalData’s Upstream Oil & Gas Analyst, states that while Kenya is currently behind Tanzania and Mozambique in terms of discoveries, exploration interest has increased.... Read more »

Posted on : Friday , 31st October 2014

Tembo 1 well drilling to continue through November

Africa-focused oil & gas company Wentworth with exploration and drilling operations in the Rovuma Onshore Concession in northern Mozambique has announced that the Tembo-1 exploration well has reached a depth of approximately 2,965 meters in Cretaceous age rocks. This is short of the programmed drilling to the Jurassic at a total depth of 4,397 meters or 4,250 meters True Vertical Depth Sub Sea and hence is expected to continue.... Read more »

Posted on : Friday , 31st October 2014

Algeria: Sonatrach to Carry Out First Offshore Drilling End 2015

Algiers — The national hydrocarbon group SONATRACH will carry out first offshore drilling by the end of 2015, announced Wednesday its interim CEO, Said Sahnoun, at the signing ceremony of contracts of the 4th invitations to tender for hydrocarbon explorations. SONATRACH, which stepped up its exploration operations, "intends to drill its first offshore well by the end of 2015," said.... Read more »

Posted on : Friday , 31st October 2014

Tanzania: SWALA Detects 'Signs' of Oil in Kilombero

SWALA Energy has announced that its seismic survey being carried out in the Kilombero Basin has provided the first evidence of multiple structures - a "string of pearls"- along the western basin boundary. "These early results of the Kilombero seismic survey are particularly exciting and the similarities with the Lokichar Basin are extremely encouraging given the enormous success that has.... Read more »

Posted on : Friday , 31st October 2014

Merck KGaA : forms partnership with Kenya medical research institute

Merck, a leading company for innovative and top-quality high-tech products in the pharmaceutical, chemical and life-science sectors, announced on Thursday the signature of a memorandum of understanding with Kenya Medical Research Institution (KEMRI) for a scientific partnership. Merck said in a statement that the partnership aimed at contributing to Kenya's social and economic development would cover research and development.... Read more »

Posted on : Friday , 31st October 2014

IFC pledges US$600m for a East Africa regional oil pipeline

The International Finance Corporation (IFC), a lending arm of the World Bank, has pledged US$ 600m to fund an oil pipeline in East Africa. The funding is part of a US$1.8bn loan for projects in the Horn of Africa. The oil pipeline is expected to link up upstream operations in Kenya, Uganda and South Sudan. A statement by the bank indicates that the investments will aid expansion of agribusiness, processing and.... Read more »

Posted on : Friday , 31st October 2014

Private equity firm Catalyst buys stake in Mimosa Pharmacy

Private equity firm Catalyst Principal Partners has bought a stake in Mimosa Pharmacy, a retail drugs store chain, in the first local investment by the investor. Catalyst said it made the investment jointly with Africa Chemist and Beauty Care (ACBC), a Mauritius-based pharmaceutical chain. The deal amount was not disclosed but a typical investment ranges between $5 million (Sh444 million) and $20 million (Sh1.78 billion). The private equity.... Read more »

Posted on : Friday , 31st October 2014

South Africa's Imperial to take $58 mln stake in Dutch medical wholesaler

South Africa’s Imperial Holdings will buy 70 per cent of Imres BV, a Dutch wholesaler of medical supplies, for 46 million euros. This is to expand its pharmaceutical distribution in Africa, the transport company said on Thursday. Imperial is looking to expand its distribution business for consumer goods and medical products in fast-growing Africa. Although based in the Netherlands, Imres mainly targets Africa’s developing.... Read more »

Posted on : Friday , 31st October 2014

Cipla Medpro inks marketing pact with Teva for South Africa

The collaboration is a sales and distribution arrangement whereby Cipla Medpro will exclusively market Teva's broad pharmaceutical product portfolio in South Africa Cipla Medpro (a part of Cipla Ltd located in South Africa), through its subsidiary company Medpro Pharmaceutica (Pty) Ltd, has entered into a collaboration with Teva Pharmaceuticals (Pty) Ltd, an affiliate of Teva Pharmaceutical Industries Ltd (Teva) - the.... Read more »

Posted on : Friday , 31st October 2014

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