Market News Page No. 564| Africa Business News | Afrotrade

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Swala Energy to raise $4.4M to fund activities in Kenya and Tanzania

Swala Energy Limited has announced a Share Purchase Plan to raise up to A$5.0 million (US $4.4 million) to fund additional near-term work on the Company’s Tanzanian and Kenyan licences, as well as for business development and general administrative purposes. The c(SPP) is to be offered to all eligible shareholders who can subscribing for up to A$15,000 of new fully paid ordinary shares in Swala without incurring.... Read more »

Posted on : Monday , 20th October 2014

Ghana: Oil, Gas Insurance Placement for the Upstream Sector Launched

The Petroleum Commission (PC) and National Insurance Commission (NIC), with support from the industry stakeholders have developed a protocol for placing oil and gas insurance in Ghana. The protocol will open a window of opportunities for companies and brokers to actively participate and play lead roles in the oil and gas business in Ghana in line with the Petroleum Regulations 2013, (LI 2204) and the Insurance Act 2006, (Act.... Read more »

Posted on : Monday , 20th October 2014

Nigeria: Oil Spill - Indigenes Vow to Rebuild Ikara Community

SAPELE--The people of Ikara Community (near Ologbo), Ikpoba/Okha Local Government Area of Edo State, have vowed to jointly rebuild their community that has been ravaged by oil pollution following ruptures in the oil pipelines of the National Petroleum Development Company, NPDC, passing through the community. Chairman of the community, Mr. Lawrence Anirejuuoritse Wilbert, and the Secretary, Boyowa Eyejamuro, who spoke on behalf of.... Read more »

Posted on : Monday , 20th October 2014

Africa to have the largest independent power plant built in Ghana

Africa is to have the largest independent power plant built in the Sub-Saharan region, Ghana. Cenpower Generation Limited has already signed an agreement for construction of Kpone Independent Power Plant (KIPP) in the Tema industrial zone at a cost of US$900m to finance the project. The Combined Cycle Gas Turbine (CCGT) power plant is projected to start stream in 2017, adding about 10% of Ghana’s total installed capacity and.... Read more »

Posted on : Monday , 20th October 2014

Africa Biogas Partnership Programme to deliver 100,000 biogas plants in Africa

Five African countries will benefit from the Africa Biogas Partnership Programme (ABPP) that will see construction and installation of 100, 000 biogas plants by 2017. The program, a partnership between Hivos and SNV, will see about half a million populations in Ethiopia, Kenya, Uganda, Tanzania and Burkina Faso gain access to sustainable energy source. The first phase of the project was targeted at constructing 70, 000 biogas.... Read more »

Posted on : Monday , 20th October 2014

Tanzania To Pick Winners Of Oil, Gas Bids Before Year-End

Tanzania is in final stages of evaluating bids for oil and gas blocks it offered in its latest bidding round and plans to pick the winners before the end of this year, its upstream regulator said on Friday. East Africa is a new hotspot in hydrocarbon exploration after substantial deposits of crude oil were found in Uganda and major gas reserves were discovered in Tanzania and Mozambique. "The evaluation of bids is in the final stages and.... Read more »

Posted on : Saturday , 18th October 2014

East Africa neighbours close to picking consultant for oil export pipeline

Kenya, Uganda and Rwanda are in the final stages of deciding on a consultant to oversee building a pipeline to pump the region's new oil bonanza to the coast for export, a senior Kenyan energy ministry officials said on Thursday. In June, the three countries invited bids for a consultant to oversee a feasibility study and initial design for the construction of a 1,300-km (808-mile) oil pipeline to transport crude to the Kenyan.... Read more »

Posted on : Saturday , 18th October 2014

Maersk Drilling announced that Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola,

Maersk Drilling announced Thursday that Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the Maersk Deliverer (UDW semisub) expiring in June 2015 by two years. Mærsk Deliverer has since 2012 been working for Chevron and its partners on the Tombua Landana field offshore Angola. With the contract extension the rig will be on contract until June 2017. The estimated revenue potential.... Read more »

Posted on : Saturday , 18th October 2014

Nigeria: FG to Spend N1 Trillion on Petrol Subsidy in 2015

The Federal Government is to spend the sum of N971 billion to subsidise the supply of petrol to Nigerians in 2015, an indication that the administration has no plan to do away with subsidising petrol. In the same vein, the government plans to give out a total of N260 million to the Subsidy Reinvestment Programme, SURE-P, for intervention in various development agencies. This is contained in the 2015-2017 Medium.... Read more »

Posted on : Friday , 17th October 2014

Nigeria: FG to Halt Importation of Petroleum Products By 2018 - - Aganga

The Federal Government will halt the importation of petroleum products into the country in the year 2018. The Minister of Industry, Trade and Investment, Olusegun Aganga, gave this hint in Ilorin, Kwara State, when he paid a pre-commissioning visit to the Steel Cold Rolling Complex of Kam Industries Limited. According to him, a minimum of about $14 billion has been committed to the petrochemical sector by foreign and local investors.... Read more »

Posted on : Friday , 17th October 2014

Mobius Motors to Introduce Rugged Vehicle in Kenya

Mobius Motors is preparing to launch its first production vehicle in Kenya known as the Mobius II, a vehicle designed for the rugged roads of Africa. The automaker is funding the initiative after raising financing from Richard Parsons and Ronald Lauder's Pan-African Investment Company (PIC). The investment will help Mobius complete its first production run of 50 Mobius II vehicles, and has scheduled production of the Mobius III for.... Read more »

Posted on : Friday , 17th October 2014

Mercedes revs up battle for top spot in Kenya luxury car market

Kenya: Franchise managers have moved the race for a share of Kenya’s luxury car market a notch higher with increased investment and marketing. The franchise holders for Porshe — Multiple Group, which comprises Multiple Hauliers and RT East Africa — stoked the latest round of activity in the industry when they opened a showroom for the German automaker along Mombasa Road in Nairobi. Not willing to be left behind, DT Dobie, the.... Read more »

Posted on : Friday , 17th October 2014

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