Market News Page No. 550| Africa Business News | Afrotrade

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EAST AFRICA : Meet the market movers

The rapid growth of East Africa's 150-million strong population has seen housing stocks come under pressure, prompting construction firms to embark on ambitious projects in a bid to close the deficit. With GDP up by an average of 5% across the region in 2012, commercial and residential construction is pushing up sales of East Africa's steel products, which range from rebar and wire rod to cold rolled coil, galvanized sheet.... Read more »

Posted on : Monday , 29th September 2014

Australian firm expands foothold in Tanzania

Significantly, all of the tenements are located within 20 kilometres of the coast, are easily accessible by road, and accessible to port facilities. The acquisition will supplement Gunson’s construction ready Coburn Mineral Sands Project in Western Australia. Adding to the transformation changes, Gunson will gain former managing director of mineral sands behemoth Iluka Resources Mike Folwell as its new chairman to guide the.... Read more »

Posted on : Monday , 29th September 2014

British Firm Wins Africa Oil's Seismic Survey Tender

A UK registered company, IMC Geophysics Limited, has won the tender put up by Africa Oil to hire a company that will conduct seismic survey in the Ethiopian rift valley near Arba Minch town. The Canadian oil company, Africa Oil, is under preparation to collect seismic data from the new oil exploration block in southern Ethiopia, around Arba Minch. Africa Oil acquired the new oil exploration block (Rift Basin block) in.... Read more »

Posted on : Monday , 29th September 2014

Dana Gas Successful in Bids for 2 Onshore Concessions in Nile Delta

Dana Gas, the Middle East’s leading regional private sector natural gas company, revealed Monday that its wholly owned subsidiary, Dana Gas Egypt, has been awarded the North El Salhiya (Block 1) and El Matariya (Block 3) onshore Concessions in the Nile Delta as part of the 2014 EGAS bidding round held recently in Egypt. The Company will operate the Block 1 Concession Area on a 100 percent basis. It is expected that.... Read more »

Posted on : Monday , 29th September 2014

Zimbabwe: Green Fuel Unveils 85 Percent Ethanol Flex Kits

Green Fuel has introduced a new flexi fuel upgrade kit that allows motor vehicles to use various levels of blended fuel up to 85 percent of ethanol.Green Fuel is the country's sole ethanol-producing company and is a joint venture project between Macdom Investment and Government. The new flex fuel upgrade kits give fuel injectors more range to adjust to the fuel being used at a particular moment. Speaking after a.... Read more »

Posted on : Monday , 29th September 2014

Nigeria to construct a new $400m, 260MW power plant

The Nigeria Minister for Power, Mohammed Wakil, has signed an agreement that will see construction of a new 260MW power plant in Ewekoro, Ogun state. The Minister has described the event as a milestone, and which underscores the need to fast track the nation’s ongoing privatization exercise described as the biggest in the world. The new 260MW power plant deal brings on board the International Finance Corporation (IFC) –.... Read more »

Posted on : Monday , 29th September 2014

South Africa to buy power from DRC s Inga Dam

South Africa will be benefiting from power generated from a dam in the Democratic Republic of Congo (DRC), after the two sealed a purchase order for SA to buy electricity in six years time starting end of this month September. In the agreement, it is expected that South Africa will play the role of a “reliable purchaser” in order to support the Grand Inga (Inga 3 dam) development in western DRC. South Africa is.... Read more »

Posted on : Monday , 29th September 2014

EU grants US$ 2.55bn for sustainable energy development in five Africa countries

Five African heads of states have jointly signed a grant with the European Union President, Jose Manuel Barroso, in New York, a grant that will seek to woo private investors into sustainable energy development. The beneficiaries include Rwanda, Cape Verde, Cote D ‘voire, Liberia and Togo. The grant portions to the five states will be managed by their respective ministries of finance, and will only be awarded to private investors.... Read more »

Posted on : Monday , 29th September 2014

US$ 90m dual carriage road to be constructed in Eldoret, Kenya

Eldoret is set for an infrastructural change with construction of a US$ 90m dual carriage road. Members of the County Assembly in Uasin Gishu County approved the project, which is expected to commence as soon as the survey currently being done, is complete. The road will link Eldoret town to Eldoret International Airport passing through the Kisumu road to the town centre, Chepkoilel junction to Iten Road. The length of the road has been.... Read more »

Posted on : Monday , 29th September 2014

Solarcentury To Build Largest Carport Solar System At Garden City, Nairobi

Solarcentury is to design and construct Africa’s largest solar carport on the uppermost storey of a car park at Garden City Mall, part of the new 32-acre integrated residential, retail park, hotel and office development on Nairobi’s Thika Superhighway. The clean solar electricity generated by the 858kWp system will be used by the retail tenants. The solar installation will be financed under NVI Energy’s.... Read more »

Posted on : Monday , 29th September 2014

South Africa set to get a nuclear power plant funded by Russia

South Africa is set to get a new nuclear power plant, following the signing of a cooperation deal with Russia recently. Both sides noted that the nuclear power plant will have a production capacity of up to 9.6 GW based on Russian Technology, by 2030. The announcement was made during an International Atomic Energy conference in Vienna this Monday. The South African Minister for Energy, Tina Joemat-Pettersson, noted that the agreement.... Read more »

Posted on : Monday , 29th September 2014

Namibia to construct US$ 1.2bn gas-fired power plant

Shanghai Electric from China has been chosen by the Namibian Government as the preferred company to build a new USD $1.2bn gas-fired power plant in the country. Upon completion of the power plant, it is expected that there will be a production capacity of up to 1050MW and it will be connected to the South African and Namibian electricity grid for use in the region and locally. The project which is in Kudu, South Western Namibia.... Read more »

Posted on : Monday , 29th September 2014

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