Market News Page No. 39| Africa Business News

KENYA: Menengai III Geothermal Power Plant to Be Commissioned In December 2022

Renewable energy producer Sosian plans to commission the Menengai III geothermal power plant in December 2022. Located in the Rift Valley in western Kenya, the plant will have a capacity of 35 MWe. The share of geothermal energy in Kenya’s electricity mix is expected to increase before the end of 2022. Sosian Energy, the developer of the Menengai III geothermal project, plans to commission a steam plant during December 2022. This promise.... Read more »

Posted on : Monday , 20th June 2022

Kenyan potato framers nearing a deal with KFC.

Kenyan potatoes will be on the menu at Kentucky Fried Chicken (KFC) in the coming month. The Kenya Private Sector Alliance (KEPSA), the Agriculture Sector Network (ASNET), and the American fast food company all intervened. ASNET chairman Bimal Kantaria said they contacted KFC's leadership and, in collaboration with the Kenya Potato Council, devised a strategy for KFC's utilisation of Kenyan potatoes. Chairman of the Agriculture Sector.... Read more »

Posted on : Tuesday , 14th June 2022

CAK approves Ramco Plexus' purchase of Platinum Packaging.

The Competition Authority of Kenya (CAK) has given unconditional regulatory approval to Africa-based investment holding company Ramco Plexus to purchase flexible packaging film maker Platinum Packaging. Platinum Packaging, founded in June 2009, is a 50/50 joint venture between Ramco Group and Carton Manufacturers. The company has locations all around Kenya and controls a 7% portion of the country's flexible packaging and labelling.... Read more »

Posted on : Friday , 10th June 2022

US Looks beyond Delayed Free Trade Deal in Commercial Ties with Kenya

The US government is looking beyond a delayed trade deal with Kenya to expand commercial ties between the 2 countries. In a new report submitted to the US Congress by Joe Biden’s top trade diplomat Katherine Tai, the US government revealed it would pursue “other means” of deepening trade engagements with Kenya in the absence of a free trade agreement (FTA). “(We will) engage with Kenya to deepen bilateral trade, potentially.... Read more »

Posted on : Wednesday , 1st June 2022

Agreement Signed for Construction of Neuropsychiatric Centre in Karen/Ngong

President Uhuru Kenyatta met with executives from San Raffaele Research Hospital, a renowned private hospital in Italy managed by group chairman Kamel Ghribi, to sign an agreement for the construction of a National Teaching and Referral Neuropsychiatric Centre in Karen/Ngong. The 600-bed hospital will be developed on an 80-hectare plot of land purposely to handle the East African country's rising mental disease burden. The country also.... Read more »

Posted on : Wednesday , 1st June 2022

Tanzania Exports Up by 20% in YE March 2022, Tourist Arrivals Almost Doubled

The Bank of Tanzania Monthly Economic Review-April 2022 reveals that the country’s exports of goods and services increased to US$ 10,214.6 million during the year ending March 2022. This is +20.14% higher than US$ 8,502.1 million in a similar period in 2021. Improvement in exports was noted in both traditional and non-traditional exports in addition to travel receipts. Exports of goods rose by 7.8% to US$ 6,882.2.... Read more »

Posted on : Monday , 30th May 2022

Samia: Tanzania gearing up to connect countries through rail, road

Tanzania is ready for regional integration and is in the process of completing road and railway networks with the goal of linking neighbouring countries, hence contributing to continental integration efforts, President Samia Suluhu Hassan has said. Connecting AfricaHowever, the country will need more external funding to finance the construction of the next phases of the Standard Gauge Railway (SGR) as well as proposed highways.... Read more »

Posted on : Thursday , 26th May 2022

Samia: Tanzania gearing up to connect countries through rail, road

Tanzania is ready for regional integration and is in the process of completing road and railway networks with the goal of linking neighbouring countries, hence contributing to continental integration efforts, President Samia Suluhu Hassan has said. Connecting AfricaHowever, the country will need more external funding to finance the construction of the next phases of the Standard Gauge Railway (SGR) as well as proposed highways.... Read more »

Posted on : Thursday , 26th May 2022

Tanzania's first domestically produced electric vehicle unveiled

Masoud Kipanya, a Tanzanian cartoonist, showcased the country's first domestically produced electric vehicle. Kipanya, who is known for his sarcastic cartoons, claimed the electric automobile was his own innovative concept that he worked on for 11 months. Kaypee Motor is the brand name of the ecologically friendly electric automobile. According to Mr Kipanya, it is composed of local materials and takes six hours of charging to travel.... Read more »

Posted on : Wednesday , 25th May 2022

Tanzania is Bagging Billions in Natural Gas Investments

Tanzania liquefied natural gas front has received a US$30 billion shot in the arm from large energy companies including Equinor and Exxon Mobil. • Tanzania has an estimated 57 trillion cubic feet of natural gas reserves • ExxonMobil, Equinor and Shell are among top 2 energy giants investing in Tanzania gas • Tanzania has secured a US$30 billion investment in its LNG project Tanzania's natural gas reserves have just.... Read more »

Posted on : Wednesday , 25th May 2022

Tanzania to Sign Sh70 Trillion LNG Project

Mtwara. The government is expected to sign initial agreements with exploration companies for the construction of a giant liquefied natural gas (LNG) plant before the end of May, the negotiation team has revealed. The team of experts is currently in negotiations with 5 oil and gas firms – Shell, Equinor, ExxonMobil, Pavilion and Ophir on the $30 billion (Sh70 trillion) project to be implemented in Lindi Region. The negotiations, which.... Read more »

Posted on : Wednesday , 25th May 2022

KEFI approves a capital raise of 1.8 billion ETB

Addis Abeba, Ethiopia - According to sources, the shareholders of KEFI Minerals, a gold exploration and development business, approved a capital raise of 28 GBP (1.8 billion ETB). According to a press statement issued last week, the money would be invested in the Tulu Kapi site and two additional Saudi Arabian projects. The aforementioned sum is part of a wider package of 1.8 billion ETB for the Tulu Kapi location, according to the press.... Read more »

Posted on : Wednesday , 25th May 2022