Market News Page No. 506| Africa Business News | Afrotrade

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Wentworth Proved Probable Reserves Reach USD 152.9 Million In Tanzania And Revenues Are Up By 15%

According to Wentworth Q1 2015 results the company’s share of Proved + Probable (2P) reserves at the Company’s gas fields in Tanzania were valued at USD 152.9 million after tax at December 31, 2014. The company’s revenue for the quarter reached USD 0.27 million, up 15% from Q1 2014. The company press release indicates that new transnational gas pipeline and processing facilities are nearly complete with.... Read more »

Posted on : Thursday , 28th May 2015

Regional body tips Tanzania as next EA economic powerhouse

Tanzania has high potential to become the economic powerhouse in the East African region given her natural wealth and strategic geographical positioning, but there are challenges to overcome before it can realise its potential. This is the observation of the TradeMark East Africa, Chief Executive Officer, Frank Matsaert whose organisation is assisting East African Community (EAC) member states, Tanzania, Kenya, Uganda, Rwanda and.... Read more »

Posted on : Wednesday , 27th May 2015

Rwanda: Small traders call for tax cuts, funding in 2015/16 budget

As government prepares to present its 2015/16 financial year budget estimates on June 11, small city traders expect Finance Minister Amb Claver Gatete to prioritise areas that will provide solutions to the challenges affecting businesses. A number of small-and-medium enterprise (SMEs) operators interviewed by Business Times in a mini-survey conducted last week, say the government should review the tax regime and prioritise the.... Read more »

Posted on : Wednesday , 27th May 2015

Tanesco mulls more renewable energy projects

Tanzania Electric Supply Company (Tanesco) Managing Director, Engineer Felchem Mramba, said although renewable energy technology is currently expensive but the future remains in exploiting wind and solar. “Traditional energy sources such as gas and coal will be depleted over time but wind and solar will always be there,” Mr Mramba said after officiating at a World Bank sponsored Mapping of Solar and Wind Energy in.... Read more »

Posted on : Wednesday , 27th May 2015

Chinese car maker setting up showroom in Namanve

Chinese car maker, Foton, is setting up a car show room and after-sales service centre worth $10m (about sh30b) at Namanve Industrial Park, in Mukono district. This was revealed last week by Chinese ambassador to Uganda, Zhao Yali, while handing over a donation of an executive van and partition screens to the acting minister of Foreign Affairs, Henry Okello Oryem, at the ministry’s headquarters in Kampala. Yali said Foton has already.... Read more »

Posted on : Wednesday , 27th May 2015

Kenya named among top Africas investment hubs

Kenya has one of the best and favoured business climates in Africa, thanks to its enthusiasm in improving ease of doing business and initiation of huge infrastructure development projects to reduce cost of doing business. A new report released yesterday by the African Development Bank (AfDB) in Abidjan, Côte d’Ivoire, Kenya is among the top 10 destinations for Foreign Direct Investments (FDI) in Africa. This is after.... Read more »

Posted on : Wednesday , 27th May 2015

TANZANIA AIMS FOR BIG RESULTS WITH DAR ES SALAAM PORT EXPANSION

The Tanzanian port of Dar es Salaam was once the most efficient in sub-Saharan Africa. The performance of the port, which is the second-largest in east Africa, has slipped dramatically over the past 20 years. Ships are often forced to wait to dock and the transit of goods through the port is slow. The World Bank estimates that trade costs are 60 per cent higher between Tanzania and China than between Brazil and China,.... Read more »

Posted on : Tuesday , 26th May 2015

Tanzania: REA Mulls Power to 1.2 Million Rural Residents By 2020

The Rural Energy Agency (REA) envisages supplying 1,250,000 rural dwellers with electricity in the next five years, thanks to about 900bn/- that the government has set aside to support the grand project. REA Chairman Edmund Mkwawa, releasing the agency report on implementation of rural energy projects in Dar es Salaam over the weekend, said the massive rural electrification project started in October 2013 and it is progressing well. The.... Read more »

Posted on : Tuesday , 26th May 2015

Tanzania Gold Mine Production Increases By 8% In Q1 2015

Acacia Mining plc (LSE: ACA) who operates three gold mines in Tanzania has announced in its First Quarter Results 2015 that its gold production has increased by 8%. Brad Gordon, Chief Executive Officer of Acacia Mining indicated that the company has delivered steady production over Q1 2015, with 181,660 ounces of gold produced as compared to 168,375 ounces in Q1 2014. This is in line with the previous quarter and underpinned by continued.... Read more »

Posted on : Tuesday , 26th May 2015

Shell to add firepower to BG assets in East Africa LNG race

Royal Dutch Shell’s $70 billion takeover of BG Group Plc will put Europe’s largest energy company in the middle of East Africa’s race to export natural gas and is set to boost the chances of Tanzania becoming a major supplier. The acquisition would include stakes in three blocks off the coast that contain one-third of Tanzania’s estimated resource. This may give the East African nation an edge in the race to first.... Read more »

Posted on : Monday , 25th May 2015

Tanzania announces One Million Solar Homes initiative

Commitments by the IFC, USAID, OPIC, Sunfunder, SNV and Off Grid Electric are expected to put Tanzania at the forefront of the U.S. Power Africa program. The Tanzanian national government has announced its One Million Solar Homes initiative aimed at providing a million Tanzanian homes with access to reliable solar electricity by the end of 2017. The project is expected to provide solar electricity for 10% of the nation’s population.... Read more »

Posted on : Monday , 25th May 2015

Tanzania: Power Firm Plans Fresh Power Tariffs

Dodoma — TANZANIA Electric Supply Company (Tanesco) plans to announce new energy tariffs soon should the industry regulator, Energy and Water Utilities Regulatory Authority (Ewura), endorse the proposal. Head of Strategic Plans of Tanesco, Mr Patrick Sankara, said here TANESCO would also introduce new plan on time use of the service, saying the company will reduce costs to customers who will agree with the new plan. "The energy.... Read more »

Posted on : Monday , 25th May 2015

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