Market News Page No. 529| Africa Business News

More US firms now seeking to venture in Kenya s infrastructure and energy

A delegation of 10 US companies have last week met local investors in a bid to build investment networks in energy, infrastructure and agribusiness. The delegation of 15 representatives from the companies was led by Corporate Council for Africa, an American-based business lobby firm. The Corporate Council for Africa President Mr. Stephen Hayes was quoted as saying that Kenya is one of the ideal investment places because it is part of the Power.... Read more »

Posted on : Monday , 15th December 2014

Tanzania Attracts 400 Indian Pharmaceutical Firms

At least least 400 leading Indian pharmaceutical companies see Tanzania, which has a population of just under 45 million, as a highly promising market they ought to capture. Ashutosh Gupta, Vice Chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said here last week that India ranks fourth globally in terms of pharmaceutical production volumes and 13th globally in domestic consumption value and that more than.... Read more »

Posted on : Monday , 15th December 2014

Indian Industry to begin operations in Africa

CIL officials said that India would start receiving coal from the Mozambican mine within the next three to four years. “The final phase of exploration for CIL’s A1 and A2 mining blocks at Tete Province is complete. Coal sampling is in progress. A geological report and detailed project report will be prepared. We hope to start mining within next six months to a year,” added a senior official of CIL. If the plans of the.... Read more »

Posted on : Monday , 15th December 2014

Mombasa Industry opens US$25mn factory in Kenya

According to the company, the newly opened factory is part of the country's move to position itself and East Africa as a key investment hub in sub-Saharan Africa. Adan Mohamed, industrialisation and enterprise development cabinet secretary of Kenya, said, "From a global perspective, many industrialised nations have had the textile and apparel sectors as their pioneer sectors to achieve industrialization. Investments in the textiles.... Read more »

Posted on : Monday , 15th December 2014

SEIFSA Industrial development towards engineering and manufacturing

Adelia Pimentel, marketing and communications executive at SEIFSA, said, “It is of paramount importance that companies play a crucial role in socio-economic upliftment and are recognised for their contributions and encouraged to continuously do more.” Ten categories have been shortlisted for awards such as “Most Innovative Company of the Year” for the company that has shown the high creativity in research and.... Read more »

Posted on : Monday , 15th December 2014

East Africa: Four firms to invest into Industrialization

Keen on expanding its small electricity generation capacity to support an industrialisation drive, the east African country is currently pursuing several multi-billion-dollar projects, most of them in hydropower generation. Officials previously said the government was also looking for investors to develop solar energy and other renewable sources of power such as biomass, waste energy, geothermal and wind power. The state-run Electricity.... Read more »

Posted on : Monday , 15th December 2014

RWE Dea Doubled its Egyptian Oil, Gas Output

North Africa is one of our strategic core regions,” explained Maximilian Fellner, General Manager of RWE Dea Egypt. “In Egypt, Dea can look back upon three decades of oil production and we recently doubled our overall production in the country through getting our onshore gas project Disouq on stream. We are delighted about these success stories and will continue on this track, as we see further potential in the.... Read more »

Posted on : Monday , 15th December 2014

Madagascar Oil requests 2 year extension for Madagascar Exploration Blocks

Madagascar Oil has announced that following discussions held at the Executive Committee meeting regarding Blocks 3105, 3106 and 3107 on 9 December 2014, the Company’s wholly owned subsidiary, Madagascar Oil S.A., has written to the Office des Mines Nationales et des Industries Stratégiques (“OMNIS”) formally requesting a two year extension to the exploration period of each of the Exploration Blocks. The letters.... Read more »

Posted on : Monday , 15th December 2014

Taipan Resources awards drilling contracts for Badada-1 well in Kenya s Block 2B

Block operator in Block 2B Taipan Resources has announced that together with other joint-venture partners, have executed a contract with Greatwall for the GW-190 land rig and have also contracted Aberdeen-based Norwell Engineering to manage the drilling operations of the Badada-1 well. The GW-190 land rig recently completed the drilling of the Sala-1 discovery in Block-9 of Anza Basin, Kenya, adjacent to.... Read more »

Posted on : Friday , 12th December 2014

Kenya Opens World's Largest Single Turbine Geothermal Plant

Kenyan President Uhuru Kenyatta has just opened the world’s largest single turbine geothermal power plant, which will add 140 Megawatts (MW) to the country’s national electricity grid. The project is viewed as a major boon for development initiatives and poverty reduction in Kenya and is anticipated to reduce electricity costs in the nation by 50 percent by early 2015. The Olkaria IV power plant cost $126.5 million to build and is.... Read more »

Posted on : Monday , 15th December 2014

Aora to provide solar-hybrid power solution in Ethiopia

Solar energy solutions provider Aora has announced that its plans to construct an initial pilot of its Tulip solar-hybrid power plant in Ethiopia Aora’s Tulip solar-hybrid system uses a gas turbine that can operate on any alternative fuel, which guarantees an uninterrupted and stable power supply 24 hours a day in all weather conditions. Construction of the first pilot plant is expected to begin by mid-2015. Company officials said.... Read more »

Posted on : Monday , 15th December 2014

Chinese developer to build Sh5bn high-end Kilifi resort

Chinese real estate firm Sultan Palace Development plans to construct a Sh5 billion high-end resort in Kikambala, Kilifi, targeting the luxury holiday homes market. Sultan Palace said its investment is driven by a growing demand for beach resorts globally, with Kenya becoming a popular destination. “There was a gap in this sector and we felt the need to venture into this market as Kenya has proven one of the most.... Read more »

Posted on : Friday , 12th December 2014