Market News Page No. 521| Africa Business News | Afrotrade

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Nigerian firm to build Equatorial Guinea's giant oil storage hub

Nigerian energy firm Taleveras Group said on Monday it had signed a deal with the government of Equatorial Guinea to build a giant oil storage hub in the central African country. The Bioko Island facility will have a total capacity of 1.34 million tonnes of storage for crude oil and products such as gasoline, naphtha, jet fuel and fuel oil, the firm said. It will be the largest crude and products storage facility in.... Read more »

Posted on : Wednesday , 7th January 2015

Investment helps the East African Shilling grow Stronger

National Microfinance Bank (NMB) says in its e-Market report that the shilling close on the strong foot against US dollar, the major trading currency, buoyed by end-month local money demand. “The local currency closed the 2014 yearly trading session on a stronger footing against the dollar buoyed by month end flows and shilling obligations,” NMB says. The shilling, according to BoT, closes the year at 1731.82. However, NMB.... Read more »

Posted on : Wednesday , 7th January 2015

East Africa: Proposed steel plant for renewed Industrial growth

The plant, which will have the capacity to produce 157,000 tonnes of steel products each year, is expected to go a long way in providing affordable raw materials for the country’s growing construction industry. Top Steel Kenya Limited is the company behind the plans for setting up the multi-billion shilling facility in Mwavumbo area of Kwale County and is in the process of seeking approval from relevant regulators. According to.... Read more »

Posted on : Wednesday , 7th January 2015

East Africa & South Korea discuss bilateral ties

President Paul Kagame and his South Korean counterpart Park Geun-hye yesterday held talks focusing on fostering bilateral relations between the two countries. The meeting at the South Korean leader’s residence in Busan marked the end of Kagame’s two-day visit to the East Asian country. By tapping into South Korea's transformation from a developing nation to among the top 20 economies in the world, the two.... Read more »

Posted on : Wednesday , 7th January 2015

Tanzanian cement output expected to double

Tanzania expects to double its cement output over the next few years according to a report by the Daily News. The news agency reported that Tanzanian Deputy Minister for Industry and Trade, Janet Mbene expects the country’s annual cement production to rise to 6 million tonnes with the future opening of seven new factories. According to the article cement consumption is viewed as a barometer for construction activity, which is one of the.... Read more »

Posted on : Tuesday , 6th January 2015

Tanzania: 45 Villages in Mara to Get Electricity

Musoma — AS part of the government's rural electrification plan, a total of 45 villages in Mara Region will be connected to power through the Rural Energy Agency (REA), it has been announced. The announcement was made by the Minister of Energy and Minerals, Prof Sospeter Muhongo, who is on a six-day tour of the region to inspect implementation of the second phase of rural electrification projects undertaken by REA and Tanzania Electric.... Read more »

Posted on : Tuesday , 6th January 2015

Kenya: Rwanda to import 30MW from Kenya in 2015

Kenya is to begin exporting 30MW of power to Rwanda via Uganda by July 2015, Kenya Power announced on 10 December, following the signing of a wheeling agreement with Uganda Electricity Transmission Company and Rwanda Energy Group (REG), and a power purchase agreement between REG and Kenya Power. Under the agreements, REG will pay Kenya Power $0.12/kWh for the electricity, while UETCL will levy $0.028/kWh as a wheeling charge..... Read more »

Posted on : Tuesday , 6th January 2015

Solar Capital Wins R13b Energy Deal

Cape Town renewable energy company Solar Capital won a R13 billion South African energy deal to supply the South African energy grid with electricity generated from a 75 megawatt photovoltaic solar farm being developed in the Northern Cape. The deal was signed this week with the Department of Energy and Eskom and is the largest solar bid allocation in round 1 of the Department of Energy’s renewable energy independent power producer.... Read more »

Posted on : Tuesday , 6th January 2015

South Africa solar booming as REIPPPP comes under scrutiny

The completion of South Africa’s latest utility PV power plant has coincided with new figures showing an “exponential” rise in the contribution solar is now making to the country’s grid. As Spain’s Acciona Energía announced its 94.3MWp Shishen project had begun operation, the South African Photovoltaic Industry Association (SAPVIA) this week published data revealing how solar power production has mushroomed.... Read more »

Posted on : Tuesday , 6th January 2015

Kenya Power receives Shs.17 billion loan

National electricity distributor, Kenya Power, has contracted a USD190 million (Shs.17 billion) long-term loan from the Standard Chartered Bank (SCB) to implement infrastructural development projects. Kenya Power’s Managing Director and CEO, Dr. Ben Chumo, said SCB emerged successful in an exercise carried out by the Company towards the end of last year through an Expression of Interest involving local and international financial.... Read more »

Posted on : Tuesday , 6th January 2015

Kenya Power to sell electricity to Rwanda

Kenya Power has entered into an agreement to sell 30MW of power to Rwanda. Kenya Power, Uganda Electricity Transmission Company Ltd (UETCL) and Rwanda Energy Group Limited (REG) have completed negotiations to facilitate the trade. The sale, expected to commence by July 2015, will be effected through the three entities’ already interconnected transmission grid, following the signing of a wheeling agreement between Kenya Power,.... Read more »

Posted on : Tuesday , 6th January 2015

South Africa tenders for coal-fired power plants

South Africa for bidders to submit proposals to build coal-fired power plants as part of a string of initiatives launched this week aimed at ending chronic electricity shortages. Bidders will need to pay a nonrefundable R200 000 rand ($17 000) fee when they submit proposals to build, operate and maintain the new coal plants, according to a tender notice posted in national newspapers. The government will give the winners a power purchase.... Read more »

Posted on : Tuesday , 6th January 2015

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