Market News Page No. 544| Africa Business News | Afrotrade

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Emirates Airlines, World s Largest Carrier Targets 40% Operational Growth In Africa

Emirates, the world’s largest carrier by international traffic, says it would expand its operation in Africa by more than 40 percent in the next decade. This is in line with the airline’s 10 years growth plan which includes investment expansion as well as the provision of critical links to emerging markets globally. Dubai, Emirates base, serve as the fastest route from Africa to Asia – a major trade partner with sub-Sahara.... Read more »

Posted on : Thursday , 16th October 2014

Kenya: Naivasha Power Plant Complete

Work on the 140mw Olkaria IV power plant, Naivasha, is complete. The plant will be commissioned on Friday by President Uhuru Kenyatta. Energy Cabinet Secretary Davis Chirchir said the area is already producing 210mw of the expected 280mw. He said the 210mw has been pumped into the national grid from Olkaria I and IV power plants ahead of the commissioning. The CS said plans are underway to replace diesel power.... Read more »

Posted on : Wednesday , 15th October 2014

Algeria to Build First Nuclear Plant Before 2029

Oran — Algeria will build its first nuclear plant before 2029, declared Sunday in Oran Minister of Energy, Youcef Yousfi. "Nuclear energy is not for soon, but we cannot ignore that it is a capital energy industry, likewise the other resources, devoted to our energy efficiency and our economic development," the minister told a news conference held on the sidelines of the International Conference of Gas Industry in.... Read more »

Posted on : Wednesday , 15th October 2014

Egypt: Government Announces Project to Produce Bio-Diesel From Cooking Oil

The ministry of supplies and internal trade has concluded its technical research for a project to produce bio-diesel from cooking oil, the minister announced on Tuesday, adding that the project will be enacted "soon". In a press statement released by the ministry, Supplies Minister Khaled Hanafi said that the project would provide job opportunities for the youth and produce around a million litres of diesel.... Read more »

Posted on : Wednesday , 15th October 2014

Acumen, Novastar Invest $2.5m In Uganda-based Solar Energy Company

Acumen, a non-profit global venture fund together with East Africa-focused investment firm, Novastar Ventures, Friday announced a €2 million ($2.5 million) equity investment in a Uganda-based company. The company, SolarNow, that sells modular high quality solar home systems to rural populations across the country does not only sells solar home systems, it also provides a financing solution that allows customers to pay for the.... Read more »

Posted on : Wednesday , 15th October 2014

Kenya: 56 Homa Bay Schools Get Solar Lighting Panels

TWO organisations have partnered with Homa Bay county government to instal solar panels in 56 schools. Turkish International Corporation Agency and Rural Development Solutions will supply lighting gadgets to primary and secondary schools which are far from the national grid. Speaking during a workshop in Agricultural Training Centre, Homa Bay town, Rural Development Solutions CEO Sven Rene said his organisation wants to provide.... Read more »

Posted on : Wednesday , 15th October 2014

Algeria to invest $3.48 bn on new gas pipelines

Sonatrach, an energy company in Algeria, will invest $3.48 billion in establishing new gas pipelines throughout the country to improve capacity of existing pipeline network, its interim CEO said in a conference on gas industry held in the western province of Oran. He added that the new gas pipelines under construction will be ready by July 2016, and will help deliver some 20 billion cubic meters annually. The country has.... Read more »

Posted on : Wednesday , 15th October 2014

Nigeria: World Bank Tasks FG to Raise Excess Crude Account to U.S.$6.3 Billion

The World Bank has advised the federal government to increase its fiscal buffers by raising the excess crude account (ECA) to $6.3 billion. Finance Minister, Dr. Ngozi Okonjo-Iweala, disclosed this in Washington DC, saying the World Bank tasked the Federal Government on the need to increase its fiscal buffers by building external reserves to about $6.3 billion, up from the present level of $4.1 billion. Speaking to.... Read more »

Posted on : Wednesday , 15th October 2014

Nearly 3% of output vulnerable if oil falls to $80 � IEA

Nearly 3% of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said. The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further. A tumble in the price from the year's high above $115 per barrel to below $90 has.... Read more »

Posted on : Wednesday , 15th October 2014

Spectrum, OMNIS sign new seismic brokerage agreement in Madagascar OCTOBER 10, 2014 BY SAMUEL KAMAU MBOTE

Spectrum and OMNIS in Madagascar have signed an agreement where Spectrum assumes exclusive brokerage rights to the majority of the vintage seismic data located both offshore and onshore Madagascar. The various datasets total over 69,000 km. The Agreement also grants Spectrum the right to reprocess any of the seismic datasets and to license these to interested oil companies on a Multi-Client basis. The data complements.... Read more »

Posted on : Wednesday , 15th October 2014

Solo Oil acquires interest in Kiliwani North Gas Field, Tanzania

Solo Oil plc has announced that it has signed binding heads of agreement to acquire an initial 6.5% interest in the soon to be producing Kiliwani North Development License in Tanzania from Ndovu Resources Ltd. for a total consideration of US$3.5 million (“Initial Acquisition”). Solo also has a 45 day option to increase its interest in the KNDL by a further 6.5% to 13% (“Second.... Read more »

Posted on : Wednesday , 15th October 2014

Algeria announced its intention to move forward with exploration plans in the North of the country

Algeria announced its intention to move forward with exploration plans in the North of the country, also adding it plans to begin shale gas production by 2022. "We have a great hydrocarbon exploration potential in the country's North and we seek to encourage energy investment through partnership," Energy Minister Youcef Yousfi said on Sunday as reported by Algeria Press Service. Yousfi made clear that Algeri will try to promote.... Read more »

Posted on : Wednesday , 15th October 2014

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