Market News Page No. 440| Africa Business News | Afrotrade

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FAR gets farm-in option for Senegal offshore block

FAR Limited (FAR) has entered into a farm-in option agreement with a subsidiary of Trace Atlantic Oil (Trace) for the Djiffere block offshore Senegal. Under the agreement with Trace, FAR has the option to earn a 75 per cent working interest in the Djiffere block by drilling an exploration well before 31 July 2018, subject to regulatory approvals. The farm-in option can be exercised by FAR at any time before 31 October 2016, by which time.... Read more »

Posted on : Friday , 2nd October 2015

Ford's sub-Saharan drive may benefit African plants

As Ford's only manufacturing operation in the Middle East and Africa‚ Ford Southern Africa is in pole position to benefit from the group's decision to intensify marketing and production in sub-Saharan Africa‚ says Stephen Odell‚ president of Ford's European‚ Middle East and African operations. Ford has the capacity to increase it production in South Africa, particularly of the Ranger model. Ford has the capacity to.... Read more »

Posted on : Friday , 2nd October 2015

Timber firm plans to construct biomass power plant in Africa

Timber firm- York Timbers, has announced plans to construct an electrical biomass power plant in South Africa at its timber plant worth US $0.10bn. This new power plant by the firm will deliver 25MW into the South African National grid thus giving the company some energy income from what would otherwise be discarded as biomass waste production from its six timber plants. According to the CEO of York Timber, Pieter.... Read more »

Posted on : Friday , 2nd October 2015

Plans to construct Chollet Hydropower Dam in Africa gain pace

The construction of Chollet Hydropower Dam in Cameroon has received a new breath after the signing of a major agreement. Minister of Water Resources and Energy, Basile Atangana Kouna and the Minister of Energy and Hydraulics of the Republic of Congo, Henri Ossebi have signed agreements to speed up the project. According to the minister the project which is expected to boost the power production of the country will be carried out and the.... Read more »

Posted on : Friday , 2nd October 2015

Chinese investors eye East Africa's real estate, manufacturing sectors

Umutoni said the investors representing over 50 Chinese firms have already met with their Rwandan counterparts and pledged to leverage on the country’s good investment climate to scaleup investments in these sectors. “They said they would take full advantage of the business reforms and new investment code which was recently unveiled by RDB to inject more money into these sectors,” she said. Han Jun, the.... Read more »

Posted on : Thursday , 1st October 2015

Kenya sees 20 firms investing Sh8b after US trade pact extended

Umutoni said the investors representing over 50 Chinese firms have already met with their Rwandan counterparts and pledged to leverage on the country’s good investment climate to scaleup investments in these sectors. “They said they would take full advantage of the business reforms and new investment code which was recently unveiled by RDB to inject more money into these sectors,” she said. Han Jun, the.... Read more »

Posted on : Thursday , 1st October 2015

Kenya takes a step towards industrialization: welcomes foreign investors

The investors, who are already in Nairobi to attend an international conference, have expressed interest in investing in green energy, one of the fastest growing energy sub-sectors in Africa. State House Sunday announced Kenya was expecting a host of government and business leaders from across the world. By end of this week, Italian Prime Minister Matteo Renzi will make his maiden visit to the country. Although this visit.... Read more »

Posted on : Thursday , 1st October 2015

Sierra Cables to open cable manufacturing unit in Kenya

Sri Lanka’s Sierra Cables has decided to open a cable manufacturing company in Kenya to promote power generation projects in East Africa powercable AndreRobertoDoretoSantos flickrThe East African region has potential for cable manufacturers to enhance their business interests. A feasibility study was conducted, following which the company decided to set up a unit in Nairobi. “The feasibility study has indicated.... Read more »

Posted on : Thursday , 1st October 2015

KENYA EXPORTS TO UGANDA UP FOR FIRST TIME IN 4 YEARS

Kenya’s exports to Uganda have grown for the first time in four years over the seven months to July amid a political storm over the countries’ bilateral trade. Data from the Kenya National Bureau of Statistics (KNBS) shows the country sold goods worth Sh36 billion to Uganda in the period to July, up from Sh27.7 billion in a similar period last year. Exports to Uganda — the largest buyer of Kenyan goods — have been.... Read more »

Posted on : Thursday , 1st October 2015

Starwood Hotels accelerates growth in Africa with seven new deals

Hospitality leader Starwood Hotels & Resorts Worldwide, Inc. has just announced aggressive expansion plans into Africa. Starwood made this announcement at the Africa Hotel Investment Forum (AHIF) being hosted in Addis Ababa from September 30th to October 1st. Starwood currently has a strong footprint in the region, with 34 operating hotels and a pipeline of 20 hotels under development. With the expansion of the company’s luxury,.... Read more »

Posted on : Thursday , 1st October 2015

Canadian firm SkyPower to revitalize solar market in Kenya

Canadian solar firm SkyPower has announced plans to invest US$ 4.4bn in a bid to boost solar market in Kenya over the next five years. The funds will be used in the installation of 1GW of solar power capacity in the country and distribute 2 million home solar power kits as well as install more than 3,000 solar-powered street lamps. It will also construct a fabrication and assembly facilities in the country. The solar plants will.... Read more »

Posted on : Thursday , 1st October 2015

Dangote to commission newly constructed cement plant in Tanzania

Leading cement manufacturer in Africa Dangote Cement is set to commission a new cement plant in Tanzania in October. The 3.0 million metric tonnes per annum cement plant is constructed in Mtwara District. The commissioning of the new cement plant in Tanzania is part of the company’s expansion strategy in Africa. The plant is numbered fourth in the expansion series after Ethiopia, Zambia and Cameroun. However, other cement plants in.... Read more »

Posted on : Thursday , 1st October 2015

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