Market News Page No. 441| Africa Business News | Afrotrade

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Nigeria�s NNPC secures US$1.2bn funding for drilling

The Nigerian National Petroleum Corporation (NNPC) has secured a US$1.2bn multi-year drilling financing package. The money will be used for 36 oil wells under the NNPC and Chevron Nigeria joint venture, according to a statement by Ohi Alegbe, general manager of group public affairs division at NNPC. Of the 36 wells, 23 are onshore and the remaining 13 are offshore wells in OML 49, 90 and 95. The money will be spent on development of the.... Read more »

Posted on : Thursday , 1st October 2015

Uganda planning to open up more oil basins

Uganda’s Ministry of Energy and Mineral Development (MEMD) plans to open up at least one more oil basin in the country Frank Mugisha, the acting commissioner in charge of exploration in the Petroleum Directorate, said that the country was going to start exploring for oil in Lake Kyoga in central basin and Moroto-Kadama basin in Karamoja sub-region. He said the opening up of these basins could come as early as within this.... Read more »

Posted on : Wednesday , 30th September 2015

Construction work on phase two of Waverley office park in South Africa to begin

Barrow Properties broke ground for construction work on the second phase of Waverley office park in South Africa measuring 3 351m² and 2 123m2. This will create a rentable area of 5 742m² with completion expected for June 2016. According to the MD of Barrow Properties, Paul Barrow,Waverley office park in South Africa will incorporate features which will appeal to the corporate tenants. The building has.... Read more »

Posted on : Wednesday , 30th September 2015

Sudan Manages to Indigenize Oil Industry Thanks to Cooperation with China

Sudanese Minister of Petroleum and Gas, Mohamed Zayed Awad, said that Sudan managed to indigenize the oil industry due to the mutually beneficial cooperation with China. Both countries developed a working model which can be followed during their 20 years of cooperation in the oil industry based on mutual respect and benefit, Awad told Xinhua in an exclusive interview. He reiterated Sudan’s ability to run oil operations with Sudanese.... Read more »

Posted on : Wednesday , 30th September 2015

Tanzania: Solo Oil Actively Assessing New Opportunities

Solo Oil has told investors that it continues to actively assess new investment opportunities in Africa and elsewhere. The company, currently approaching key milestones in Tanzania, in its interim results statement, said the prolonged period of depressed commodity prices is offering opportunities for selective and careful investment. And Solo says it will make investments in suitable ventures as and when it is appropriate. In Tanzania.... Read more »

Posted on : Wednesday , 30th September 2015

Tanzania: Shanta Gold lays out five year plan for New Luika

An underground extension to Shanta Gold’s New Luika mine will produce 310,000 ounces and add US$72mln to the value of the project, a new study has concluded. A new mine plan to include underground mining as well as the ongoing surface mining and tailings recovery project envisages enough high grade reserves to maintain average production at 84,000 oz annually over the next five years. Over the period 2016-2022 New Luika, in Tanzania,.... Read more »

Posted on : Wednesday , 30th September 2015

African Potash signs supply deal with Zambia distributor

Shares in African Potash (LON:AFPO) jumped Friday after the miner announced it has sealed a deal to sell 50,000 metric tonnes (MT) of its fertilizer product to a Zambian distributor in the Common Market for Eastern and Southern Africa (COMESA) for $500 a tonne. The stock was up 2.5% at 3.625p in early trading, a fresh 12-month high, and traded around 2.9p mid-afternoon in London on the news. This is the third supply deal the sub-Sahara.... Read more »

Posted on : Wednesday , 30th September 2015

Maintenance of public roads in Uganda to cost US$ 26m

The government of Uganda has announced that it was embarking on a road maintenance programme to boost transport. Public roads in Uganda according to the government need a face lift. The maintenance of public roads in Uganda will cost a whopping US$ 26m. Michael Odongo, the executive director of the Uganda Road Fund confirmed the reports and urged the Government to play their oversight role over the money. “I provide this.... Read more »

Posted on : Wednesday , 30th September 2015

Amplats unveils constructed cogeneration power plant in South Africa

Anglo American Platinum (Amplats) recently unveiled its 5MW cogeneration power plant in South Africa worth US $10.63m located at its Waterval Smelting Complex in Rustenburg. The cogeneration power plant in South Africa was commissioned by project developer Vuselela Energy and Equity provider H1 holdings and it would help capture waste heat from Amplat’s conversion plant which was already generating 3.2MW of power. According to the.... Read more »

Posted on : Wednesday , 30th September 2015

Infrastructure construction in Egypt to get boost from World Bank

Infrastructure construction in Egypt is set to improve as the World Bank head Jim Yong Kim expressed his support in various ongoing and upcoming projects. In a meeting with Egyptian president Abdel-Fattah El-Sisi over the weekend in New York the World Bank boss said Egypt has a great potential in terms of development and it deserves more support. According to the president in a statement they both agreed that the country need more reforms.... Read more »

Posted on : Tuesday , 29th September 2015

Construction of Zambia, Tanzania, and Kenya power interconnector in Progress

Construction work has begun on different sections of the sites identified for power lines for the Zambia, Tanzania, and Kenya power interconnector. In a recent meeting of energy held in Arusha, Tanzania, for permanent secretaries, senior officials and experts form Zambia, Tanzania and Kenya, it was indicated that outstanding progress had been made on the interconnector. Power Pylons, Substations and cabling had already been.... Read more »

Posted on : Tuesday , 29th September 2015

Mega International airport in Ethiopia to be constructed

Plans are underway for the construction of a mega International airport in Ethiopia, the Ethiopian Airports Enterprise has announced. The Ethiopian Minister of Transport, Workneh Gebeyehu confirmed the reports and said that Ethiopia is to break the ground for a new mega hub airport in the vicinity of Addis Ababa. “The new mega hub will move the aviation industry in Ethiopia to a higher level. It will make Addis Ababa the.... Read more »

Posted on : Tuesday , 29th September 2015

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