Market News Page No. 552| Africa Business News

Egypt and Saudi sign a US$350m oil, power deal

Egypt has signed a $350 million worth of financing agreements with Saudi Arabia to upgrade the former’s power grid and secure imports of petroleum products. Egypt has been facing the worst energy crisis in decades and the government has been struggling to even supply enough gas to the power stations. The Arab world’s most populous country has turned from a gas exporter to an importer in the recent years as it.... Read more »

Posted on : Wednesday , 5th November 2014

Photonworld Solar is looking for business partners in Africa to act as agents or distributors for their products

Photonworld Solar is an OEM Supplier of Renewable Energy Components, Based in the United Kingdom and boasting an operations office in the Northern Nigerian State of Kano. Their passion is to promote and develop the use of photovoltaic modules and wind turbines as a renewable source of clean useable energy throughout the world. They have focused on Nigeria as a starting point due to their high knowledge of the country. They are.... Read more »

Posted on : Wednesday , 5th November 2014

US$145m wind power farm project in Nyandarua-Kenya receives green light

The US$145m wind power project in Nyandarua County has received a green light from the political class and area residents to have it go ahead. The project is expected to add 61MW of electricity to the national grid. Funded by various foreign investors, the project is being undertaken by Kinangop Wind Park Ltd which is a Kenyan energy company. It had initially stalled as investors, politicians and land owners had disagreed on its.... Read more »

Posted on : Wednesday , 5th November 2014

Tanzania: Economist Warns Tanzania Over Gas Revenue

Tanzania has been warned to utilize wisely its revenue expected to obtain from natural gas resource for the national sustainable human development. Speaking on the political economy of natural resource exploration, Professor Ola Olsson, Senior Lecturer from School of Business, Economics and Laws, University of Gothenburg, Sweden, said the natural resource will automatically increase cash inflow in term of revenue and economic.... Read more »

Posted on : Tuesday , 4th November 2014

Kenyan Cement Maker To Build $19m Coal Power Plant

Kenya’s National Cement, a member of the Devki Group of Companies plans to build a Sh1.7 billion ($19 million) coal-fired power plant to feed its clinker manufacturing and limestone mining operation in Kajiado, 80 kilometres south of the country’s capital Nairobi. The power plant will produce 15 megawatt of electricity and is seen as a better alternative to the expensive national grid. “The cost of.... Read more »

Posted on : Tuesday , 4th November 2014

SunPower Announces 160-Megawatt Solar Panel Manufacturing Facility in South Africa

SAN JOSE, Calif. and CAPE TOWN, South Africa, Nov. 4, 2014 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced plans to own and operate a solar panel manufacturing facility in Cape Town, South Africa, to meet the growing demand for solar in that region. At this new plant, SunPower will manufacture its high efficiency SunPower E20/440 Solar Panels and.... Read more »

Posted on : Tuesday , 4th November 2014

Egypt: No agreement reached for LNG arrivals by end of 2014

The government has not reached a final agreement with any of the foreign companies on the importing of liquefied natural gas (LNG) for power plants over the next year. The delay will lead to the much needed LNG shipments not arriving in December as originally planned, despite current official claims. A Ministry of Petroleum official said an agreement previously signed with Russian company, Gazprom, and Algerian company, Sonatrach,.... Read more »

Posted on : Tuesday , 4th November 2014

Mozambique: Government Launches Tender for Provision of Areas for Exploration and Production of Oil

Maputo — On Oct. 23, the government of Mozambique launched a tender constituting the fifth concession of areas for exploration and production of oil in the marine part of the Rovuma Basin, Angoche, Delta of Zambézia, around the concession of Pande-Temane and Palmeira in the Mozambique Basin. The tender was launched in Maputo and London. A total of 15 blocks, totalling 76,800 square kilometres in area will be made.... Read more »

Posted on : Saturday , 1st November 2014

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