Market News Page No. 514| Africa Business News | Afrotrade

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UK-based firm eyes Kenya oil supply

Anglo Energy Refining Corporation, a UK-based petroleum firm, has set up base in Kenya with an eye on bulk importation of oil and possibly setting up a refinery.The UK firm’s debut makes Nairobi its African headquarters. The oil company in December received a licence to operate and import oil under the Open Tender System (OTS), the centralised oil distribution system, from the Energy ministry, and says it is ready to bid for.... Read more »

Posted on : Tuesday , 13th January 2015

Africa to focus on growing its economy

President Jacob Zuma is, this month, October 2014, prioritising the economy and local government. In his State of the Nation address delivered in June 2014, Zuma said the economy would take centre stage this term and announced a target of 5% growth by 2019. He also announced that local government, the sphere of government closest to citizens, and the “engine of service delivery” would be revitalised and strongly.... Read more »

Posted on : Tuesday , 13th January 2015

Special economic zones 'to support industrialisation'

The designation of special economic zones (SEZs) will support a broader-based industrialisation growth path in South Africa, while helping the country achieve the objectives of the National Development Plan (NDP), says Trade and Industry Minister Rob Davies. Speaking at the tabling of the Special Economic Zones Bill before the National Council of Provinces (NCOP) in Cape Town on Tuesday, Davies said the Bill aimed to support balanced.... Read more »

Posted on : Tuesday , 13th January 2015

Africa�s newest Industrial Development Zone

The Dube TradePort in the South African port city of Durban is now officially an Industrial Development Zone (IDZ), joining three other similar economic zones spread out across the country. President Jacob Zuma on Tuesday, 7 October, handed over an IDZ operator licence to the Dube TradePort Corporation for the precinct, which has already attracted investments worth nearly R1-billion since it was opened in 2012. The Dube TradePort IDZ is.... Read more »

Posted on : Tuesday , 13th January 2015

India aims to boost investment in Africa

India aims to boost investment in industrial, economic and social sectors of Africa as the 54-nation continent tries to ramp up development to alleviate poverty, the UN General Assembly was told Friday. "Scaled-up investments in infrastructure, both economic and social, as well as in productive capacity for industrial development are needed," Amit Narang, a Counsellor at India's UN Mission, said. "This is an area of.... Read more »

Posted on : Tuesday , 13th January 2015

Tanzania: Progress on Kia-Mirerani Road Resumes

Arusha — AFTER a 12-month freeze on the road connecting Kilimanjaro International Airport's (KIA) junction and the Mirerani Mining Hills of Simanjiro, work is set to resume soon, following the appointment of a new contractor. Regional Manager, Tanzania National Roads Agency (TANROADS), Eng. Deusdedit Kakoko, told the Regional Road Board here that the previous contractor who was undertaking the project to build Mirerani road, had been.... Read more »

Posted on : Tuesday , 13th January 2015

Africa: Tanzania, Mozambique Top Africa's Oil, Gas Table

Africa's energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said recently. Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent, according to a study by PriceWaterhouseCoopers. Large gas finds in Mozambique and Tanzania would make the world.... Read more »

Posted on : Tuesday , 13th January 2015

President Uhuru Kenyatta of Kenya Meets with Wang Yi: talks on mutual development of either country

On January 10, 2015, President Uhuru Kenyatta of Kenya met with the visiting Foreign Minister Wang Yi at the State House in Nairobi. Kenyatta said Chinese Foreign Minister’s first visit to Kenya at the beginning of the new year fully signifies the all-around friendly and cooperative relations between Kenya and China. Both Kenya and China are committed to promoting equality, fairness and development, and determined to defend national.... Read more »

Posted on : Tuesday , 13th January 2015

Kenya Power forecasts Kh15bn profit

NAIROBI – KENYA Power, the energy utility, is convinced it will record a Sh15 billion pre-tax profit in the 2014/2015 financial year, a senior official has said. The company, which in the past 22 years had not given its shareholders the highest return, would seek to break the new ground by making the profit. According to Kenya Power’s Managing Director, Ben Chumo, the forecast was based on a good performance by the power retailer.... Read more »

Posted on : Tuesday , 13th January 2015

Italians invest in Uganda Solar Energy Project

Kampala — A Ugandan-Italian consortium Simba Telecom/Building Energy SPA and the consortium of Access/TSK Electronica of United Arab Emirates and Spain will invest $38million in two Solar Power Energy projects in Eastern Uganda. The two consortium companies will generate 20MW of electricity, each generating 10MW in Soroti and Tororo districts in Eastern Uganda. The United Arab Emirates and Spanish consortium of Access/TSK.... Read more »

Posted on : Tuesday , 13th January 2015

Kenyan government to construct 300, 000 housing units for staff

The government of Kenya through the Ministry of Lands, Housing and Urban Development is planning to put up 300, 000 houses for civil servants by 2017. The social housing project will see the country alleviate housing needs by civil servants, some of which – like the police – have been reported to live in deplorable conditions. The government will start construction of 10, 000 units this year according to the director of housing.... Read more »

Posted on : Tuesday , 13th January 2015

Kenya, China Partnership to Focus On Industrialisation

Nairobi — China's engagement with Kenya is set to expand with a new focus on industrial development and technology transfer. This was the message China's Foreign Affairs Minister Wang Yi delivered to President Uhuru Kenyatta today at State House, Nairobi, at the start of the Chinese Minister's eight day tour of Africa. Mr Wang said his mission was to strengthen the existing bilateral co-operations between Kenya and China and chart new.... Read more »

Posted on : Tuesday , 13th January 2015

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