Market News Page No. 558| Africa Business News

Safcol aims at exports to China, India to counter rising costs

THE state-run South African Forestry Company (Safcol) aims to start exporting to high-growth countries such as India and China to counteract rising costs and the renewed land claims threat in South Africa. Despite an 11% rise in timber sales in the year to March, Safcol reported a R24.5m operating loss before fair value adjustments and tax. Net profit was R511m, from R74m previously, though the difference was largely due to.... Read more »

Posted on : Saturday , 4th October 2014

Over 1 450 houses in South Africa to get electricity connection

More than 1 450 houses will be provided with permanent and reliable access to electricity, as part of the R20-million Mogalakwena Electrification Project that is currently taking place in Limpopo. The Mogalakwena Municipality is currently facing a backlog of electricity infrastructure to several of the villages within the municipal area, and has appointed global engineering consultancy firm SMEC to handle the design and implementation.... Read more »

Posted on : Saturday , 4th October 2014

A mini-hydropower plant proposed in Chimanimani, Zimbabwe

A new 1.7 MW hydropower plant is set to be built in Zimbabwe at Chimanimani rural district of Zimbabwe. The plant will boost electricity output in the country and see reduced price of electricity which have constantly growing up in the county. According to Zimbabwe Energy Regulatory Authority (ZERA, through a statement, the Chimanimani-based power plant will be called Nyahode hydropower plant and will use water from the Nyahode.... Read more »

Posted on : Saturday , 4th October 2014

Power Africa Off-Grid Energy Challenge to implement renewable energy projects

22 winners of the second round of Power Africa Off-Grid Energy Challenge have been announced by General Electric Africa, the United States African Development Foundation (USADF) and the U.S. Agency for International Development (USAID). The winners, who include 4 from Nigeria – Topstep Nigeria Ltd, Ginphed Nigeria, Quintas Renewable Energy, Sky Resources – will now undertake renewable energy generation projects all over.... Read more »

Posted on : Saturday , 4th October 2014

Eni Finds 300M Barrels Offshore Angola

Italy's Eni reported Wednesday that it has made a new oil discovery at the Ochigufu exploration prospect, located in deep water off Angola. Ochigufu is the 10th commercial oil discovery in the country's Block 15/06 and is estimated to contain 300 million barrels in place. Eni also reported that the Ochigufu 1 NFW well, which led to the discovery, will be brought into production "in record time". The well, located approximately 90 miles.... Read more »

Posted on : Friday , 3rd October 2014

Swala Concludes 2D Seismic Acquisition in Tanzania's Pangani License

East Africa-focused Swala Energy Limited (Swala or the Company) announced Thursday the successful completion of the 124 mile (200 kilometer) 2D seismic acquisition program carried out by its subsidiary company, Swala Oil and Gas (Tanzania) Plc (SOGTP), over the Moshi Basin in the Pangani license in northern Tanzania. This program will satisfy the work obligation for the Third Contract Year. The preliminary interpretation of these new data.... Read more »

Posted on : Friday , 3rd October 2014

Liberia: LPRC, Commerce Drop Petroleum Prices Again

Monrovia — The Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company, (LPRC) has announced that there will be reductions in the pump prices of gasoline (PMS) and fuel oil (AGO) by twelve (12) cents and fifteen (15) cents respectively, according to an LPRC release. This means, the wholesale price for gasoline is US$3. 88 cents and fuel oil are US$3. 93 cents,.... Read more »

Posted on : Thursday , 2nd October 2014

Porsche returns to Kenya to tap expanding economy

NAIROBI, Kenya (Bloomberg) -- Porsche has opened a franchise in Kenya as it seeks to take advantage of the expanding economy in the region. Porsche is returning to the market after seven years, Steffen Fleck, network development director for Porsche Middle East and Africa, told reporters in the capital, Nairobi. The automaker did an "analysis and, based on Kenya's strong micro-finance indices, which indicate the economy will register a 5.... Read more »

Posted on : Thursday , 2nd October 2014

Nigeria: Gas Marketers Decry Hike in LPG Price

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has decried the hike in price of Liquefied Petroleum Gas (LPG) just as it urged the federal government to stop Algasco LPG Services from increasing the price of cooking gas. Mr Basil Ogbuanu, the President of NALPGAM, who made the appeal while speaking with Daily Trust on telephone yesterday, said Algasco LPG Services, the nation's biggest gas.... Read more »

Posted on : Wednesday , 1st October 2014

Nigeria: Camac Buoyant At Local Oil Prospects

Lagos — CAMAC Energy, the United States firm, announced an updated independent assessment of the company's prospective resources for four offshore Nigeria prospects has increased the company's unrisked P50 recoverable resources from 537 million barrels of oil (MMbbl) to 2 377 MMbbl. The prospects are located within Oil Mining Leases (OMLs) 120 and 121. Kase Lawal, Chairman and Chief Executive Officer of.... Read more »

Posted on : Wednesday , 1st October 2014

Africa: Nigeria, Libya Threatened As More African Countries See Oil Boom

Nigeria could face threats of being overtaken by other producers if the World Bank's proposed African Gas Initiative in Angola, Cameroon, Congo, Gabon and Cote d'Ivoire, continues to go forward. Though the African reserves are currently dominated by Nigeria, Algeria and Libya, which collectively accounted for almost 72 percent of the region's reserves in 2013, large gas finds in particularly Mozambique and Tanzania.... Read more »

Posted on : Wednesday , 1st October 2014

Ethiopia Bestowed Top Aviation Accreditation By US

The US Federal Aviation Administration (FAA) has bestowed a Category 1 rating on the Ethiopian Civil Aviation Authority (ECAA) following several months of examinations. A category 1 rating suggests effective operational organization, flight safety and air space licensing; all of which are areas that the ECAA has excelled in. State Minister of Transport, Getachew Mengiste, revealed that this endorsement will allow Ethiopian Airlines to fly.... Read more »

Posted on : Wednesday , 1st October 2014