Market News Page No. 547| Africa Business News

BP expands in Egypt with $240 million investment in two new exploration blocks

BP Egypt has confirmed today that it has been awarded two new exploration blocks as a result of the 2013 EGAS bid round. BP and its partners have committed to invest a total of $240 million in the blocks over different phases. Block 3 - North El Mataria is BP's first entry into the Onshore Nile Delta. The block is located in the northeastern part of the Nile Delta cone, approximately 57km to the west of Port Said city. BP will.... Read more »

Posted on : Monday , 10th November 2014

Nigeria continues to import large volumes of US jet fuel

According to the latest data from the U.S Energy Information Administration; Nigeria, Africa’s biggest crude oil producer, continued to import a large volume of jet fuel, drawing the highest volume from the United States in August, The Punch reports. The country imported 1.51 million barrels of US jet fuel in the month, surpassing Canada’s import of 1.23 million barrels. Nigeria had in November 2013 imported.... Read more »

Posted on : Monday , 10th November 2014

Tullow withdraws from Namibia Kudu gas power project

Tullow has withdrawn from its full participation in the much-eyed Kudu gas-to-power project which is under development in Namibia. According to Namibia’s Mines and Energy Minister Isak Katali, the government has been informed by Nampa of the UK-based company’s withdrawal from the project due to financial problems. Located 130 kilometres offshore of Namibia’s south-west coast, Kudu gas-to-power project is co-owned.... Read more »

Posted on : Friday , 7th November 2014

Cairo s ultra-green complex to feature energy efficient technologies

The upcoming Cairo’s Gate Residence has taken the use of energy saving and technologies in buildings to another level. Construction of the complex is such a way that it will minimize environmental impact using a host of technologies. It will feature windcatchers, wind turbines, geothermal cooling, solar panels, solar heater tubes and wind turbines. Construction of the complex is set to commence in March 2015, with the.... Read more »

Posted on : Friday , 7th November 2014

Kenya to upgrade Moi International Airport at the cost of US$66m

The French Agency for Development (AFD) has signed a US$66m deal that will see the Moi International Airport in Mombasa being upgraded. The loan will be used by the Kenya Airports Authority (KAA) to renovate airside pavements, airfield ground lighting and to upgrade the water and power supply to the airport. This is in a bid to keep the airport at recommended international aviation standards and recommended practices, according to.... Read more »

Posted on : Friday , 7th November 2014

SunPower to open a new manufacturing plant in South Africa

SunPower, a solar technology and energy services provider, has announced it will open a solar panel manufacturing facility in Cape Town come 2015. The new move will help in meeting growing demand for solar technologies in the region. The manufacturing plant is expected to produce SunPower’s E20/440 solar panels and will offer 150 job opportunities to the locals. The plant will be under the ownership of SunPower and be.... Read more »

Posted on : Friday , 7th November 2014

Nigeria: Oil Revenue Disclosure From Nigeria, Others Hits U.S.$1.3 Trillion

THE Nigerian government and its counterparts in Extractive Industries Transparency Initiative (EITI) compliance countries have disclosed over $1.3 trillion worth of revenue from oil, gas and mineral resources as at October 2014. Besides, EITI has won the support of over 90 global investment institutions that collectively manage over $19 trillion, while the total financial flows from the extractive oil and gas industry in.... Read more »

Posted on : Thursday , 6th November 2014

Kenya: Investors Eye Turkana's Looming Oil Boom

Property developers, local and foreign, are carrying out surveys on investment opportunities in Turkana county with an eye on the boom expected when production of oil begins. Turkana county government says it has been approached with enquiries on how to go about investing in the region and expects some of the investments to fall through. "Interest by investors has gone up and we are putting.... Read more »

Posted on : Thursday , 6th November 2014

Nigeria: As Lagos Joins Oil Producing States

THAT Lagos State is on the verge of becoming a member of Nigeria's oil producing states by 2015 is good news. The state's government has been undoubtedly progressive and visionary, hence the enabling environment it has created to make this possible is hardly surprising. This new-found status, therefore, is now a clarion call on other states to rise up to the current economic challenges, think and act positively in the larger.... Read more »

Posted on : Thursday , 6th November 2014

NHC projects 1.0 trillion/- investment by 2015

National Housing Corporation (NHC) is optimistic that its total project investment will grow to 1.0 trillion/- next year, up from 800bn/- this year due to improved infrastructure in the country. Speaking in Dar es Salaam over the weekend during the Expo builds and auto mart exhibitions, NHC Director General, Nehemiah Mchechu said project investments are growing fast without relying on the government. He said the corporate.... Read more »

Posted on : Thursday , 6th November 2014

Uzuri Hotel Resort in Zanzibar to be ready in 2016

A new hotel resort that will be constructed on the island of Zanzibar will be expected to open its doors in early 2016. The architectural and interior design work for the new Uzuri Hotel Resort was previously awarded to Jesco+Whiles according to reports, and the design is expected to conform to the local culture. It will be located at the Indian Ocean off the Tanzanian coast. The planned Uzuri Hotel Resort project, a development.... Read more »

Posted on : Wednesday , 5th November 2014

Egypt and Saudi sign a US$350m oil, power deal

Egypt has signed a $350 million worth of financing agreements with Saudi Arabia to upgrade the former’s power grid and secure imports of petroleum products. Egypt has been facing the worst energy crisis in decades and the government has been struggling to even supply enough gas to the power stations. The Arab world’s most populous country has turned from a gas exporter to an importer in the recent years as it.... Read more »

Posted on : Wednesday , 5th November 2014