N e w s

Solo acquires Kiliwani North Development Licence in Tanzania

 Solo has announced it has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence (KNDL) at a total consideration of US$3,500,000.   The announcement  follows prior statements in October and December last year where the company said it had signed binding heads of agreements and was awaiting the formal approval from the government   Further, Solo and.... Read more »

Posted on : Thursday , 5th February 2015

Burundi commits to implement the EITI

 The Government of the Republic of Burundi formally committed to implement the Extractive Industries Transparency Initiative, EITI Standard in a declaration published by Come Manirakiza, Minister of Energy and Mine on 20 January 2015 in Bujumbura.   According to Manirakiza, Burundi hopes that this will increase transparency in the management of natural resources in the East Africa Community country. Natural resources, primarily.... Read more »

Posted on : Thursday , 5th February 2015

IFC to support solar projects

 The International Finance Corporation (IFC) has announced new financing to help expand the reach of Off Grid Electric in rural areas and urban centres.   IFC is an international financial institution that offers investment, advisory and asset management services to encourage private sector development in developing countries.   The IFC is a member of the World Bank Group and is headquartered in Washington. The solar leasing.... Read more »

Posted on : Thursday , 5th February 2015

Oil, gas firms sign pact on Tanzanian asset

 Aminex is an Africafocused UK oil and gas company with near term production, development and high impact exploration, premium listed on the London Stock Exchange and primarylisted on the Irish Stock Exchange.   Solo Oil is an American oil and gas exploration firm with investments in Africa and other parts of the world. The recently signed agreement, however, still awaits formal approval by the Tanzanian authorities and the formal.... Read more »

Posted on : Thursday , 5th February 2015

Uganda: Oil, gas, minerals private sector fret at govt go-slow on VAT

 Through the Uganda Chamber of Mines and Petroleum (UCMP), the private sector have consistently complained of value added tax (VAT) and withholding tax imposed during the investment phase of the oil, gas and minerals labeling it an additional cost.   During a member’s meeting over the weekend, Elly Karuhanga, president of UCMP said after this tax is removed, investors will have no excuse not to come.   “(the.... Read more »

Posted on : Wednesday , 4th February 2015

Oil prices rebound on signs of output cuts

 Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52.   It followed the release of data showing that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output.   Meanwhile, US giant ExxonMobil reported a 21% fall in quarterly earnings on lower oil and gas production.   Buying opportunity   On Friday, data showed that more.... Read more »

Posted on : Wednesday , 4th February 2015

Kibaki Praises Kenya-Japan Ties, Calls for More Co-operation

Former President Mwai Kibaki has praised the good and long-running co-operation between Kenya and Japan that has translated into many social development programmes in the country. Mr Kibaki said through the collaboration, Kenya had benefited in various development spheres, more specifically in technology training, infrastructure development and food security. “Over the years, Japan has been Kenya’s key development partner in several.... Read more »

Posted on : Tuesday , 3rd February 2015

Kenya team woos leather investors in Turkey

A government delegation is in Turkey as part of an ongoing campaign to woo investors into the local leather industry.   Industrialisation Cabinet Secretary Adan Mohammed is heading the team that includes officials from the Export Processing Zones Authority and members of Parliament.   Private Kenyan investors are also in the trip.   While there, the delegation is scheduled to hold meetings with Turkish investors as well.... Read more »

Posted on : Tuesday , 3rd February 2015

Good news for farmers as Kenya imports cheap fertiliser

Agriculture Cabinet Secretary Felix Koskei received the fertiliser at the Port of Mombasa yesterday.   Mr Koskei called on county governments in the Rift Valley region to support farmers to acquire lime to reverse soil acidity, which has affected maize production in the area.   The CS said the county governments should also complement the national government by importing subsidised fertiliser given that agriculture has already been.... Read more »

Posted on : Tuesday , 3rd February 2015

Tanzania Govt to enhance farmers’ access to markets

The project will focus on critical industrial location, whereby relevant factories are to be located in places where crops mainly used as raw materials are produced.   Speaking at IFAD National Roundtable workshop on Tanzania’s recent evalutaion of agricultural programmes across the country, the Minister for Agriculture,Food Security and Cooperatives, Mr Stephen Wasira, said apart from the current private sector initiatives of.... Read more »

Posted on : Tuesday , 3rd February 2015

World Bank gives Kenya Sh1.2b to enhance water and sanitation access

This comes after the bank together with the Global Partnership on Output-Based Aid (GPOBA) and the Kenya government signed a grant agreement approving $11.8 million (Sh1.07b) in funding for water and sanitation in low-income urban areas.   The project is targeted to reach 30,000 low-income urban households – or 150,000 residents. Service providers that provide water and sanitation projects for low-income residents will receive money.... Read more »

Posted on : Tuesday , 3rd February 2015

Kenya: Electricity connection now Sh1,160

The programme dubbed Global Partnership on Output Based Aid will see Kenyans living in informal settlements in urban centres and those in rural areas being connected.   Speaking at Kiganjo Polytechnic Grounds in Gatundu South over the weekend when he launched the programme, Dr Chumo said the programme targets the needy who could not afford to raise the current Sh35,000 for power connection.   “We want to put a smile on the.... Read more »

Posted on : Tuesday , 3rd February 2015



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