Market News Page No. 553| Africa Business News

Baker Hughes provides September 2014 global rig count

Baker Hughes Incorporated has announced that the international rig count for September 2014 was 1,323, down 16 from the 1,339 counted in August 2014, and up 39 from the 1,284 counted in September 2013. The international offshore rig count for September 2014 was 333, up 18 from the 315 counted in August 2014, and up 20 from the 313 counted in September 2013. The average U.S. rig count for September 2014 was 1,930, up 26.... Read more »

Posted on : Saturday , 25th October 2014

Addax extends FPSO charter

Yinson Holdings has announced that Addax Petroleum Development (Nigeria) Limited has extended its contract for the charter of FPSO Knock Adoon with Adoon Pte Ltd by one year with effect from 17 October 2014. The extension contract is valued at approximately USD39.0 million (equivalent to approximately RM127.49 million) in total. The original contract for the Floating Production Storage and Offloading (FPSO) was awarded on 17.... Read more »

Posted on : Saturday , 25th October 2014

Ghana: Popping the gas balloon

Opacity and mismanagement in the oil and gas sector have turned financial problems into a much deeper economic crisis. Fixing the worsening crisis in the oil, gas and electricity industries is a key issue in this month’s finance negotiations with investors and the International Monetary Fund. Not only are the power cuts and rocketing fuel prices damaging the economy, the mismanagement of the gas processing project in Atuabo,.... Read more »

Posted on : Saturday , 25th October 2014

Diminishing gas continues to stifle PetroSA s GTL output

South Africa’s national oil company PetroSA produced 14% less refined product in 2013/14 than budgeted, owing to diminishing gas feedstock. The State-owned group also warned that that inadequate feedstock would remain a constraint on its future performance. The company produces 5.8-million barrels during the year at its Mossel Bay gas-to-liquids (GTL) refinery, which had a nameplate capacity of around 15-million barrels. CEO.... Read more »

Posted on : Saturday , 25th October 2014

Sumitomo to invest in South Africa tire operations

DURBAN, South Africa—Sumitomo Rubber South Africa (Pty) Ltd. has launched about a $101 million investment plan, mainly to bolster its original equipment tire supply capabilities in the region. Focused on the company’s South Africa manufacturing plant in Ladysmith, the plan includes initiating local production of the Sumitomo Tires' brand, range extensions and quality enhancements to the Dunlop brand. The investment.... Read more »

Posted on : Saturday , 25th October 2014

Tanzania: China Pacts to Bring Jobs Boom

MORE than 77,300 jobs are expected to be created in Tanzania once over 500 Chinese projects worth 2,490.21 million US dollars registered in the country until December last year become operational. Opening the Third China and Tanzania Business Forum on Thursday, President Jakaya Kikwete expressed his government's commitment to woo more Chinese investments as data indicate trade volume between the two countries in the past two years.... Read more »

Posted on : Saturday , 25th October 2014

Mainstream to acquire Ghana's first utility-scale wind farm

Mainstream Renewable Power has entered into a US$ 525m deal with Swiss wind farm developer, NEK Umwelttechnik that will see it purchase the 225MW Ayitepa Wind Farm, Ghana’s first utility-scale wind farm. The agreement is expected to reach a financial close next year, while the wind farm will start generating power by 2016. The two companies will, in the meantime, co-develop the facility until the financial close is reached..... Read more »

Posted on : Friday , 31st 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 four.... Read more »

Posted on : Saturday , 25th October 2014

Bokpoort Concentrated Solar Power (CSP) plant in South Africa

Construction work on the 50MW Bokpoort Concentrated Solar Power (CSP) plant in the Northern Cape, South Africa is moving on smoothly with 50 percent of the work through. The solar power plant, which is being built as part of the Energy Independent Power Producer Procurement Programme in the country will be equipped with the largest thermal storage capacity ever adopted by plants of such a class. The capacity targeted is 9.3.... Read more »

Posted on : Saturday , 25th October 2014

Nigeria's new gas power plant in Ajaokuta is underway

Federal government has reached a memorandum of understanding with 3D Hitech System Ltd for construction of a gas power plant in Ajaokuta. It has also reached an MOU with T SEPCOIII Electric Power Construction Corporation and the CGC Nigeria Ltd for additional investment in power distribution and transmission in the country. 3D Hitech has already carried test running of the 110MW of gas power system, which will be commissioned in.... Read more »

Posted on : Friday , 31st October 2014

Angola to carry out five hydroelectric projects

Angola will carry out five new hydroelectric projects to produce 7, 000MW of power. This is according to Angola’s agency for development of the middle Kwanza (Cuanza) River, which has also said that the new hydroelectric projects will be based along Kwanza River. Lined up for construction is five new dams, and the project will be part of the national program for development of middle Kwanza River according to Director Elias.... Read more »

Posted on : Saturday , 25th October 2014

World Bank to invest US$ 20m in a new wind power project in Kenya

The World Bank, through its private arm International Finance Corporation (IFC) will be investing US$ 20m in equity into a wind power project in Kajiado County. The funds will be channeled towards the Kipeto Wind Power Project which is going to be developed on a 70 kilometer square piece of land South-west of Nairobi. The project will be in the Esilanke area currently being utilized for agricultural purposes. 100MW of electricity is.... Read more »

Posted on : Saturday , 25th October 2014