Market News Page No. 525| Africa Business News | Afrotrade

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Kenya ranked second in Africa as investment hub for global firms

Kenya is the second most preferred destination in Africa for multinational corporations seeking to set up shop, according to a US data vendor that tracks emerging markets. Frontier Strategy Group ranked Kenya second with a score of 23.17 per cent after Nigeria which was top on the continent and globally with a score of 29.57 per cent. Globally, Kenya was fifth behind Saudi Arabia (24.69 per cent), Vietnam (24.72 per cent) and Argentina.... Read more »

Posted on : Wednesday , 24th December 2014

German company to open manufacturing unit in Africa

The facility would include a production line and quality test centre for SMA’s Sunny Central inverters, warehousing, as well as the African branch of the SMA Solar Academy training centre. Thorsten Ronge, the managing director of SMA South Africa, said the group chose to set up its manufacturing base in Cape Town as it was close to the existing solar supply chain. The Cape Town facility is the third clean energy manufacturing unit.... Read more »

Posted on : Wednesday , 24th December 2014

Key Growth Opportunities in the Industrial Market in East Africa

The East African adhesives industries face challenges due to fluctuations in raw materials pricing, availability, and the influx of cheap and counterfeit products. However, creating brand and product awareness presents growth opportunities. This study addresses the key drivers, restraints, and the competitive factors that will influence the market during 2014-2018. The study also briefly touches upon the role that technology plays.... Read more »

Posted on : Wednesday , 24th December 2014

NLNG Woos Investors For Large Oil And Gas Vessel DockYard

Nigeria Liquefied Natural Gas Company (NLNG) is courting financial investors for the construction of a dry dock for the maintenance of large oil and gas vessels in Badagry, Lagos State. The public and private owned gas company say the construction of the dock will save huge foreign exchange for Nigeria as well as create real value for the economy. “This dry-dock, when completed, holds huge potential for the.... Read more »

Posted on : Wednesday , 24th December 2014

Collaboration key to minimising security risks for Africa s oil and gas sector

Collaboration between the heads of security of oil and gas companies and suppliers to the industry will help minimise security challenges in Africa, according to Doug Byers of shipbuilding and maritime solutions company Nautic AfricaNautic Africa’s business development manager said that the heads of security of companies such as Shell Nigeria, Subsea7, Tidewater, Halliburton and Statoil work under extremely challenging conditions and.... Read more »

Posted on : Wednesday , 24th December 2014

Swiber enters West Africa market with mystery offshore EPCIC contract

The USD 710m project award includes the provision of full EPCIC services of an offshore processing facility, as well as associated subsea infrastructure developments. Swiber did not name the contractor or specify where the project is to take place. For the contract scope and duration, Swiber will be mobilising a full and dedicated project management team. “The award of this Project in West Africa to Swiber.... Read more »

Posted on : Wednesday , 24th December 2014

Kenya banks set for another year of record profits

Commercial banks braved the many challenges in the economy to close the month of November ahead of the full-year profits in 2013 — giving the clearest signal yet that they are on course to setting a new profits record this year. The Central Bank of Kenya’s (CBK) latest report indicates that the lenders posted a Sh126.6 billion profit in the 11 months to November 30, compared to the Sh125.8 billion full-year pre-tax profit last.... Read more »

Posted on : Wednesday , 24th December 2014

Zambia-Tanzania-Kenya power inter-connector project

The project, which was signed in Livingstone, Zambia last week on December 15, 2014, is set for completion in phases between 2016 and 2018. “By doing so power tariffs would be reduced, our people would now get cheaper power possibly below $0.10 cents per unit,” Prof Sospeter Muhongo, Tanzania’s Minister for Energy and Minerals told East African Business Week. Some of the development partners to the project which.... Read more »

Posted on : Wednesday , 24th December 2014

BG Group agrees sale and charter of LNG vessels

BG Group has entered into an agreement with GasLog Ltd for them to acquire two modern tri-fuel diesel electric (TFDE) LNG carriers for proceeds of $460 million. BG Group will charter back the two vessels, the Methane Becki Anne and Methane Julia Louise, for nine and eleven years with further options to extend the term for each vessel by either three or five years. The transactions provide BG Group with flexibility in.... Read more »

Posted on : Tuesday , 23rd December 2014

Tower Resources resolves dispute with Repsol in Namibia

Tower Resources has announced that it has reached agreement with the Operator, Repsol Exploration (Namibia) (Pty) Limited relating to the disputed costs associated with the drilling of the Welwitschia prospect, offshore Namibia. As announced on 3rd September 2014, the Operator’s estimate of well and other related costs for the drilling of the Welwitschia prospect, which had been completed on 15th June 2014, had increased to.... Read more »

Posted on : Tuesday , 23rd December 2014

Total begins drilling of its deepest offshore project yet

Total has today reached another milestone for the Egina project in Nigeria, as an intensive drilling program got under way. The company has mobilized two rigs which will be kept busy for a total of 3,000 days, drilling 44 wells in water depths ranging between 1,400 and 1,700 meters. “This is the deepest offshore project ever operated by Total,” comments Jean-Michel Guy, Executive General Manager of the Egina.... Read more »

Posted on : Tuesday , 23rd December 2014

India Plans to Step up Oil, Gas Investment in Africa

NEW DELHI -- India's state-run businesses are seeking to acquire stakes in oil and gas blocks in Africa, form joint ventures in the continent and supply organic gas to meet increasing fuel demand at property, Indian Oil Minister S. Jaipal Reddy mentioned... Today as considerably as 21.five% of India's crude oil imports are from Africa. In the years ahead, we seek far more crude oil and liquefied organic gas from Africa," Mr. Reddy stated.... Read more »

Posted on : Tuesday , 23rd December 2014

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