Market News Page No. 519| Africa Business News | Afrotrade

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Rwanda to construct a 21 million litre petroleum storage facility in the next four months

Rwanda is planning to construct a new petroleum storage facility that will have capacity to store 21 million liters – a move that will help boost the overall national reserve that currently stands at 30 million litres. The new facility will also aid in the country’s transportation and importation sectors in the industry. It will be located in Gasabo District, Kigali, and it is anticipated to be complete in the next four months. The.... Read more »

Posted on : Wednesday , 7th January 2015

Soitec to scale back US CPV operations after 150MW project falters

CPV producer Soitec said a 150MW CPV power plant previously announced would be scrapped as the customer, San Diego Gas & Electric was said to have encountered a “major roadblock” in developing the project. Soitec said in a statement: “Certain of the administrative conditions pertaining to the transaction could not be fulfilled timely. Soitec will therefore not receive the expected CPV systems order from the.... Read more »

Posted on : Wednesday , 7th January 2015

Sonnedix consortium poised to build 86MW South Africa PV project

France-headquartered renewable energy developer, Sonnedix, has finalised details of an 86MW PV power plant to be built in South Africa. The project, which falls under the third window of South Africa’s flagship renewable energy procurement programme, will be built in the country’s Northern Cape province. Sonnedix said in a statement today that it had completed all the main contracts for the project, including financing agreements.... Read more »

Posted on : Wednesday , 7th January 2015

Mozambique could join Australia, Qatar in league of world�s largest Gas producers

Mozambique could become the third world’s largest Gas producer after Australia and Qatar should it secure the needed foreign investment in the range of $20Bn to $25Bn according to a study by PriceWaterhouseCoopers. The study released this week says East Africa will become a focus of the global gas industry with Mozambique and Tanzania leading as the new gas frontiers in the region. “Large gas finds in both African.... Read more »

Posted on : Wednesday , 7th January 2015

Nigerian firm to build Equatorial Guinea's giant oil storage hub

Nigerian energy firm Taleveras Group said on Monday it had signed a deal with the government of Equatorial Guinea to build a giant oil storage hub in the central African country. The Bioko Island facility will have a total capacity of 1.34 million tonnes of storage for crude oil and products such as gasoline, naphtha, jet fuel and fuel oil, the firm said. It will be the largest crude and products storage facility in.... Read more »

Posted on : Wednesday , 7th January 2015

Investment helps the East African Shilling grow Stronger

National Microfinance Bank (NMB) says in its e-Market report that the shilling close on the strong foot against US dollar, the major trading currency, buoyed by end-month local money demand. “The local currency closed the 2014 yearly trading session on a stronger footing against the dollar buoyed by month end flows and shilling obligations,” NMB says. The shilling, according to BoT, closes the year at 1731.82. However, NMB.... Read more »

Posted on : Wednesday , 7th January 2015

East Africa: Proposed steel plant for renewed Industrial growth

The plant, which will have the capacity to produce 157,000 tonnes of steel products each year, is expected to go a long way in providing affordable raw materials for the country’s growing construction industry. Top Steel Kenya Limited is the company behind the plans for setting up the multi-billion shilling facility in Mwavumbo area of Kwale County and is in the process of seeking approval from relevant regulators. According to.... Read more »

Posted on : Wednesday , 7th January 2015

East Africa & South Korea discuss bilateral ties

President Paul Kagame and his South Korean counterpart Park Geun-hye yesterday held talks focusing on fostering bilateral relations between the two countries. The meeting at the South Korean leader’s residence in Busan marked the end of Kagame’s two-day visit to the East Asian country. By tapping into South Korea's transformation from a developing nation to among the top 20 economies in the world, the two.... Read more »

Posted on : Wednesday , 7th January 2015

Tanzanian cement output expected to double

Tanzania expects to double its cement output over the next few years according to a report by the Daily News. The news agency reported that Tanzanian Deputy Minister for Industry and Trade, Janet Mbene expects the country’s annual cement production to rise to 6 million tonnes with the future opening of seven new factories. According to the article cement consumption is viewed as a barometer for construction activity, which is one of the.... Read more »

Posted on : Tuesday , 6th January 2015

Tanzania: 45 Villages in Mara to Get Electricity

Musoma — AS part of the government's rural electrification plan, a total of 45 villages in Mara Region will be connected to power through the Rural Energy Agency (REA), it has been announced. The announcement was made by the Minister of Energy and Minerals, Prof Sospeter Muhongo, who is on a six-day tour of the region to inspect implementation of the second phase of rural electrification projects undertaken by REA and Tanzania Electric.... Read more »

Posted on : Tuesday , 6th January 2015

Kenya: Rwanda to import 30MW from Kenya in 2015

Kenya is to begin exporting 30MW of power to Rwanda via Uganda by July 2015, Kenya Power announced on 10 December, following the signing of a wheeling agreement with Uganda Electricity Transmission Company and Rwanda Energy Group (REG), and a power purchase agreement between REG and Kenya Power. Under the agreements, REG will pay Kenya Power $0.12/kWh for the electricity, while UETCL will levy $0.028/kWh as a wheeling charge..... Read more »

Posted on : Tuesday , 6th January 2015

Solar Capital Wins R13b Energy Deal

Cape Town renewable energy company Solar Capital won a R13 billion South African energy deal to supply the South African energy grid with electricity generated from a 75 megawatt photovoltaic solar farm being developed in the Northern Cape. The deal was signed this week with the Department of Energy and Eskom and is the largest solar bid allocation in round 1 of the Department of Energy’s renewable energy independent power producer.... Read more »

Posted on : Tuesday , 6th January 2015

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