Market News Page No. 539| Africa Business News | Afrotrade

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Kenyans should be the winners in oil contracts

hen Kenya struck oil in Turkana and Wajir counties a few years ago, majority of Kenyans were excited at the prospect of petrol dollars. Finally, the hitherto dry and poverty-stricken counties were on the cusp of a breakthrough and in the process, Kenya would join the league of oil-rich countries. Oil, as a source of energy, is one of the most sought-after resources in the world. However, emerging reports indicate Kenya could get a raw deal.... Read more »

Posted on : Thursday , 27th November 2014

Japan's Toyota Tsusho to design Uganda-Kenya crude pipeline

Japan's Toyota Tsusho has won a contract to design an oil export pipeline from Uganda to Kenya's coast, a Kenyan official said on Wednesday, as the countries seek to start crude production. Oil discoveries in Uganda and Kenya and gas deposits found off Tanzania and Mozambique have turned east Africa into a frontier for hydrocarbon exploration. Landlocked Uganda is planning to start crude production in 2018,.... Read more »

Posted on : Thursday , 27th November 2014

Attractive Industrial Investment opportunities in kenya

Sri Lankan President Mahinda Rajapaska recently visited Kenya during the East African nation's 50th independence ccelebrations. The visit was intended to open new collaborative economic opportunities for the governments and their respective private sectors. Eight Memoranda of Understandings including agreements on bilateral relations, bilateral trade and economic and technical cooperation were signed. New.... Read more »

Posted on : Thursday , 27th November 2014

Kenya pursues growth in the manufacturing sector

Kenya’s government is currently considering the final iteration of a bill that would establish three special economic zones (SEZs) within the country. The SEZs will allow lower levels of taxation and fewer regulatory hurdles, and will focus primarily on industrial activity, in particular textile production. The SEZ bill is part of a broader initiative to boost the manufacturing sector, diversify the country’s exports and.... Read more »

Posted on : Thursday , 27th November 2014

Kenyan steel maker to invest in metal sheet production

Kenya-based steel company Devki Group will invest US$321.2mn in the manufacturing of metal sheets used to produce roofing sheets and key automobile components The company will start the production of Aluzinc, which is used in making exhaust pipes and chassis. Devki has plans to export up to 40 per cent of its Aluzinc to automotive industries in South Africa and Europe. The firm has confirmed that work will commence as early as.... Read more »

Posted on : Thursday , 27th November 2014

Chinese firm to invest in Africa's Industrial sector

The first phase of the project, which is targeted to produce 40,000 tonnes of ferrochrome annually, will be set up in Selous. The company recently said the project would require 100,000 tonnes of chrome ore and 24,000 tonnes of coke annually. “Most of the raw materials for the processing of ferrochrome, including chrome and coke, are readily available in Zimbabwe,” a company official said. According to the company, the.... Read more »

Posted on : Thursday , 27th November 2014

Standard Chartered and Ashmore invest in Africa's Industrialization

Africa Standard Chartered Private Equity head Yemi Osindero said, “We are excited to have invested in a long-term Standard Chartered client that has become a fast-growing manufacturing company. “From its initial production plant in Nigeria, GZI has followed a very profitable growth path and established itself as an integral member of Nigeria’s beverage sector.” Ashmore Group research co-head Jan Dehn said, “This.... Read more »

Posted on : Thursday , 27th November 2014

Swala Energy to seek alternative funding for drilling in East Africa

Board members of Australian explorer Swala Energy have said the company will be seeking alternative funding to finance its drilling obligations ahead of its planned campaign in 2015 after a Share Purchase Plan which closed 17th November 2014. The Share Purchase Plan was withdrawn after Swala’s board observed that it was not in the best interest of shareholders given the current equity market conditions and.... Read more »

Posted on : Thursday , 27th November 2014

Russia s Lukoil to invest in Nigerian project with Chevron

Russia’s second-largest oil company, privately controlled Lukoil, said on Friday it planned to invest in Nigeria with U.S. oil major Chevron Corporation , part of its push to seek opportunities away from Russia’s state-dominated oil sector. “We have decided to enter a joint block with Chevron in a project in Nigeria, which we consider to be promising,” Chief Executive Vagit Alekperov told.... Read more »

Posted on : Wednesday , 26th November 2014

Callkey Network targets East Africa s Oil and Gas Industry with its VSAT products

Internet Service Provider Callkey Networks has said it will be giving special focus to players in the oil and gas industry by providing specially customized products that suits the various needs identified in the region. In special focus will be the provision of guaranteed services that meet data demands recognized by companies already carrying activities surrounding exploration and seismic acquisition. Under the Callkey.... Read more »

Posted on : Wednesday , 26th November 2014

UAE's Mubadala signs US$5 billion deal with Africa to develop aluminium industry

According to Reuters, Guinea’s minister for mines and geology, Mohamed Lamine Fofana, said the deal included a US$4bn contract for building an alumina refinery and port and a US$1bn agreement to extract and export bauxite to the UAE. Fofana added, “The bauxite will be ready for export by 2017 and the refinery with a capacity to produce two million tonnes per annum, will become operational by 2022.” The port is expected.... Read more »

Posted on : Wednesday , 26th November 2014

Saudi Arabian firm begins Industrial exploration in East Africa

Saudi Arabian conglomerate SABIC, which is 70 per cent-owned by the government and has interests in chemicals production, fertilisers, industry polymers and metals, has been exploring the Atomai Mines in Zouerate, northern Mauritania and has been conducting a series of feasability studies. The site is believed to hold more than 500mn tonnes of iron ore reserves, according to initial estimates. Technical studies reveal that there could be.... Read more »

Posted on : Wednesday , 26th November 2014

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