Market News Page No. 360| Africa Business News

Tanzania: Firm to Start Refining Furnace Oil Locally

Bagamoyo — Tanzania industries will soon start procuring heavy oil locally as Kamal Group launched its Sh10-billion factory for refining the furnace oil. Kamal Group said during the weekend that its newly-launched heavy oil refinery in Zinga (Kerege) will help Tanzania to save $15 million in its foreign currency reserve which is currently spent on importing the product. The oil is one of the cheap fuels available for.... Read more »

Posted on : Tuesday , 21st June 2016

East Africa: Regional Centre Launched to Promote Renewable Energy

Arusha — The East African Centre for Renewable Energy and Energy Efficiency (EACREEE) will be hosted at the Makerere University's College of Engineering, Art, Design and Technology. Speaking at the launch last week, the EAC deputy secretary general (Productive and Social Sectors) Ms Jesca Eriyo said the main aim is to ensure availability of sufficient, reliable, cost effective and environmentally friendly energy.... Read more »

Posted on : Tuesday , 21st June 2016

Tanzania to Build it's Own Helicopters

Arusha — Tanzania has started to build its own helicopters in a project that will see the first batch of such choppers taking into the sky sometimes in 2018. Already, the prototype model, a two-seater aircraft is in its final stages of completion at the Mechanical and Engineering Department of the Arusha Technical College, which runs a fully-fledged factory producing various forms of machinery, including a prototype motor vehicle.... Read more »

Posted on : Tuesday , 21st June 2016

Tanzania, Netherlands Sign Pact to Boost Potato Production

Arusha — Potato growers in the country stand to benefit from a new agreement between Netherlands and Tanzania, targeting to help farmers in the country boost the tubers production as well as being provided with potential market outlets abroad. The Netherlands Minister for Agriculture; Mr Martijn Van Dam and the Tanzania Deputy Minister for Agriculture, Livestock and Fisheries William Ole Nasha, have just inked a special.... Read more »

Posted on : Saturday , 18th June 2016

Tanzania: Manufacturing Sector Among Most Successful in Africa

Tanzania is among five African economies whose manufacturing sector are key success stories in Africa after outpacing other countries, which started from similar baselines in 2000, according to the Institute of Chartered Accountants in England and Wales (ICAEW). ICAEW attributes the growth to various reasons, which vary from country to country, including improved infrastructure, a transparent regime to foreign investment, a more.... Read more »

Posted on : Saturday , 18th June 2016

Tanzania Has Huge Gas Deposits - Minister

Dodoma — With over 57 trillion cubic feet of gas, the government has boasted of a huge capacity that can accommodate serious investors in petrochemical manufacturing. Industry, Trade and Investment Minister Charles Mwijage told the National Assembly here that the government has already invited HELM AG for final negotiations over the project execution. The German firm intends to invest over two billion US dollars for the.... Read more »

Posted on : Friday , 17th June 2016

Tanzania: Multi-Billion Housing Project Launched by Saccos

Musoma — A Savings and Credit Cooperative Society (Saccos) has launched a four-year housing loan scheme for its members. Speaking during the launch on Tuesday, Imara Saccos manager Hildagadis Kinanda said the cooperative society had set aside Sh3.5 billion for the first phase of the project. According to Ms Kinanda, the houses would be built in three phases. At least 500 houses will be constructed in 2017 in the first.... Read more »

Posted on : Friday , 17th June 2016

Tanzania: TPDC, Oil & Gas Investors to Meet Ahead of New Planned LNG Plant

The Tanzania Petroleum Development Corporation (TPDC) is on Wednesday set to meet oil and gas investors ahead of the government's decision on Hosting Government Agreement (HGA) that could create a new outlook for the planned liquefied natural gas (LNG) plant. Construction of the 10-milliontonne a year LNG plant in East Africa's biggest holder of natural gas reserves after Mozambique is yet to be decided and government officials say a.... Read more »

Posted on : Wednesday , 15th June 2016

Uganda to Become East Africa's Fertiliser Hub

Kampala — African Potash, a company listed on the London Stock Market, has signed an agreement with Uganda that will see the UK firm establish its presence here to supply affordable fertilisers to farmers in the country, East Africa and beyond. The Memorandum of Understanding (MoU) signed last week was witnessed by Common Market for Eastern and Southern Africa (Comesa) representatives and the Alliance for Commodity Trade in East.... Read more »

Posted on : Tuesday , 14th June 2016

Tanzania: Foundation Stone Laid for New 'Safari City' Outside Arusha

In a few years from now many of the Arusha urban residents will be living some ten kilometres from the current city, following the laying of foundation for the proposed new 'Safari City,' to mushroom in Matevesi area. The new city planned, drawn and being executed by the state-run, National Housing Corporation, has floated nearly initial 600 plots for residential use and these, according to the Regional NHC Manager, Mr James Kisarika,.... Read more »

Posted on : Tuesday , 14th June 2016

Kenya: World Bank to Fund Major Projects in Northern Kenya - President

President Uhuru Kenyatta on Sunday said the World Bank is set to embark on a Sh111 billion funding of transformative projects in the country particularly the Arid and Semi-Arid areas. Though his spokesman Manoah Esipisu, the head of state indicated that the monies will be used to provide solar energy to households, public institutions such as health centers and educational institutions. "Key features of the program.... Read more »

Posted on : Monday , 13th June 2016

Kenya, Tanzania, Zambia Electricity Grids to be Interconnected

Iringa — The implementations of the first phase of projects to interconnect the nation electricity grid to that of Zambia and Kenya is expected to be completed in September. The project dubbed Backbone Transmission Investment Project (BTIP) will interconnect national grid to that of Southern Africa Power Pool (SAPP) through Zambia. BTIP project manager Mr Oscar said upon the completion of the project the national.... Read more »

Posted on : Monday , 13th June 2016