Market News Page No. 574| Africa Business News | Afrotrade

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Kenya s finance bill offers a mixed picture for oil and gas investors � Africa Oil

According to the Canadian explorer the abolishment of the previous withholding tax regime is a positive step that will allow farm out transactions to continue in a tax effective manner. “Such transactions are heavily relied upon by the oil and gas industry in order to attract companies with the appropriate technical and financial capabilities to projects over the course of their life cycle, thereby mitigating technical and.... Read more »

Posted on : Saturday , 27th September 2014

ERHC enters second phase of PSC in Kenya s Block 11A

Houston-based independent oil and gas company ERHC Energy has announced it is entering its second phase in Block 11A after completing the parties’ obligations under the first phase of the exploration program. This follows the completion of the 2D seismic program last month which will shape up the basis for continuation of exploration under the second phase. Under the second phase of exploration, which lasts a.... Read more »

Posted on : Thursday , 25th September 2014

Solo Oil receives $5 million debt facility to fund Tanzanian projects

Solo Oil Plc has announced that it has drawn down the first US$1 million of a US$5 million 3-year debt facility secured today, and has closed a Placing of £760,000 at 0.95 pence per share and a conditional Placing of £1.5 million at 0.95 pence per share which relates to a Placing and an Equity Swap Agreement with YA Global Master SPV, Ltd. (“YAGM”). YAGM has agreed with the Company that they will not.... Read more »

Posted on : Thursday , 25th September 2014

Kenya to construct the largest convention centre in Africa at US$ 561m

Kenya has unveiled plans to construct the largest convention centre in Africa as announced by the Ministry of Tourism, in a move to capitalize on convention tourism. The center will be constructed at a cost of US$ 561m. Construction works for the project has been slotted for next year, and the funds will be made available through a public-private partnership program (PPP). The new development will be called the Bomas International Conference.... Read more »

Posted on : Thursday , 25th September 2014

Africa Oilfield Logistics to build logistics hub in Kenya

Africa Oilfield Logistics Limited has announced that it will build a logistics hub in northern Kenya The company's main subsidiary, Ardan Risk & Support Services, has entered into a 15-year lease over a plot of land to build the logistics hub, consisting of warehousing, fuel distribution and cold storage. The project will be developed into the first of several planned logistics hubs to support Ardan Risk & Support Services's.... Read more »

Posted on : Wednesday , 24th September 2014

Egypt to buy majority oil product imports from UAE

Egyptian General Petroleum Corporation (EGPC) will buy 65 per cent of its oil product imports from the UAE’s ADNOC for a year According to a statement form the Oil Ministry of Egypt, the agreement between EGPC and ADNOC covers gasoline, diesel, heavy fuel and LPG. However, the agreement value was not disclosed. The statement also added that the deal was approved to meet the country’s urgent oil requirements, as Egypt imports.... Read more »

Posted on : Wednesday , 24th September 2014

Mtwara Port in Tanzania set for a major upgrade

The discovery of oil and gas in the Mtwara and Lindi regions in Tanzania is the main reason for the upgrade process Mtwara port is to undergo. The two regions have the largest share of the 43 trillion cubic feet of natural gas discovered in Tanzania. Mtwara port manager, Musiba Fikili, said that the port management will undertake two major steps in order to deal with the rise in number of cargo the port handles annually. The.... Read more »

Posted on : Wednesday , 24th September 2014

World Bank Offers Airtel $3m To Boost Financial Inclusion In Rural Uganda

Financial Inclusion has become a major theme of the ongoing 21st century as governments and international organizations have realized its importance and its potential to boost economic development; it is with this understanding that the International Finance Corporation (IFC) of the World Bank has struck a $3.9 million advisory services agreement with Airtel Uganda. The deal is to last for three years and help Airtel Uganda in boosting its.... Read more »

Posted on : Wednesday , 24th September 2014

Mtwara Port in Tanzania set for a major upgrade

The discovery of oil and gas in the Mtwara and Lindi regions in Tanzania is the main reason for the upgrade process Mtwara port is to undergo. The two regions have the largest share of the 43 trillion cubic feet of natural gas discovered in Tanzania. Mtwara port manager, Musiba Fikili, said that the port management will undertake two major steps in order to deal with the rise in number of cargo the port handles annually. The.... Read more »

Posted on : Wednesday , 24th September 2014

Italian firm to develop two solar plants in South Africa

Italian energy company TerniEnergia has signed a deal with an unnamed utility firm to develop two solar plants in South Africa for US$197.3mn The two plants will have a combined installed capacity of 148.5MW, the company said in a statement. The first 82.5MW plant would be installed in Paleisheuwel, Western Cape, while the second 66MW plant would be built at Tom Burke. According to the agreement, the Italian company’s subsidiary.... Read more »

Posted on : Monday , 22nd September 2014

China to transfer renewable energy technology to Africa

China to work on a US$2.7mn project with Ghana to transfer renewable energy technology to the African nation Officials from the the Chinese and Ghanian governments consolidated the partnership, according to a report from the United Nations Development Programme (UNDP). Entitled ’China-Ghana-South-South Cooperation on Renewable Energy Technology Transfer’, the alliance marks the objective of the Chinese government to transfer.... Read more »

Posted on : Monday , 22nd September 2014

Over US$ 1bn worth wind power plants to be completed in Egypt within 3 years

A network of wind power farms, with 600-megawatts will be set up in Egypt in three years. This is according to Egyptian Vice President Wael Hamdy. El Sewedy Electric, which is the company planning to build the farms, will start on measuring wind speeds, assessing key environments and carrying out topographic studies in relation to the wind power plants project. Elsewedy Electric was named on July as the winner of the state tender.... Read more »

Posted on : Monday , 22nd September 2014

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