Market News Page No. 559| Africa Business News | Afrotrade

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Swala Concludes 2D Seismic Acquisition in Tanzania's Pangani License

East Africa-focused Swala Energy Limited (Swala or the Company) announced Thursday the successful completion of the 124 mile (200 kilometer) 2D seismic acquisition program carried out by its subsidiary company, Swala Oil and Gas (Tanzania) Plc (SOGTP), over the Moshi Basin in the Pangani license in northern Tanzania. This program will satisfy the work obligation for the Third Contract Year. The preliminary interpretation of these new data.... Read more »

Posted on : Friday , 3rd October 2014

Liberia: LPRC, Commerce Drop Petroleum Prices Again

Monrovia — The Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company, (LPRC) has announced that there will be reductions in the pump prices of gasoline (PMS) and fuel oil (AGO) by twelve (12) cents and fifteen (15) cents respectively, according to an LPRC release. This means, the wholesale price for gasoline is US$3. 88 cents and fuel oil are US$3. 93 cents,.... Read more »

Posted on : Thursday , 2nd October 2014

Porsche returns to Kenya to tap expanding economy

NAIROBI, Kenya (Bloomberg) -- Porsche has opened a franchise in Kenya as it seeks to take advantage of the expanding economy in the region. Porsche is returning to the market after seven years, Steffen Fleck, network development director for Porsche Middle East and Africa, told reporters in the capital, Nairobi. The automaker did an "analysis and, based on Kenya's strong micro-finance indices, which indicate the economy will register a 5.... Read more »

Posted on : Thursday , 2nd October 2014

Nigeria: Gas Marketers Decry Hike in LPG Price

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has decried the hike in price of Liquefied Petroleum Gas (LPG) just as it urged the federal government to stop Algasco LPG Services from increasing the price of cooking gas. Mr Basil Ogbuanu, the President of NALPGAM, who made the appeal while speaking with Daily Trust on telephone yesterday, said Algasco LPG Services, the nation's biggest gas.... Read more »

Posted on : Wednesday , 1st October 2014

Nigeria: Camac Buoyant At Local Oil Prospects

Lagos — CAMAC Energy, the United States firm, announced an updated independent assessment of the company's prospective resources for four offshore Nigeria prospects has increased the company's unrisked P50 recoverable resources from 537 million barrels of oil (MMbbl) to 2 377 MMbbl. The prospects are located within Oil Mining Leases (OMLs) 120 and 121. Kase Lawal, Chairman and Chief Executive Officer of.... Read more »

Posted on : Wednesday , 1st October 2014

Africa: Nigeria, Libya Threatened As More African Countries See Oil Boom

Nigeria could face threats of being overtaken by other producers if the World Bank's proposed African Gas Initiative in Angola, Cameroon, Congo, Gabon and Cote d'Ivoire, continues to go forward. Though the African reserves are currently dominated by Nigeria, Algeria and Libya, which collectively accounted for almost 72 percent of the region's reserves in 2013, large gas finds in particularly Mozambique and Tanzania.... Read more »

Posted on : Wednesday , 1st October 2014

Ethiopia Bestowed Top Aviation Accreditation By US

The US Federal Aviation Administration (FAA) has bestowed a Category 1 rating on the Ethiopian Civil Aviation Authority (ECAA) following several months of examinations. A category 1 rating suggests effective operational organization, flight safety and air space licensing; all of which are areas that the ECAA has excelled in. State Minister of Transport, Getachew Mengiste, revealed that this endorsement will allow Ethiopian Airlines to fly.... Read more »

Posted on : Wednesday , 1st October 2014

Air Seychelles Launches New African Route

Air Seychelles, the national airline of the Republic of Seychelles has launched direct flights to Antananarivo, Madagascar, to add to South Africa, Tanzania and Mauritius, where it currently operate flights to. “We are thrilled to add Antananarivo to our global network, further cementing our position as the airline of choice in the Indian Ocean region,” said Manoj Papa, Air Seychelles’ Chief Executive Officer. The.... Read more »

Posted on : Wednesday , 1st October 2014

Ethiopia's First Trams Unveiled in China

The first of 41 trams being built for the two-line network under construction in Addis Abeba was unveiled at CNR Changchun’s plant in China on August 26. The trams were ordered in March 2014 and are scheduled to be delivered by January, being shipped via Tianjin and Djibouti with a journey time of about 50 days. CNR said the arrival of the first Chinese-built trams in Africa would act as demonstrator for Chinese technology, opening the.... Read more »

Posted on : Wednesday , 1st October 2014

Angolan Airlines Partners Lufthansa To Boost Country-to-country Flights

State owned TAAG Angola Airlines has partnered Lufthansa in a bid to increase flights between Germany’s Frankfurt and Angola’s Luanda. “Lufthansa would add one more flight a week with an Airbus A340-300, which represents a 50 percent increase in capacity on flights between the two cities(Frankfurt and Luanda) ,”said chairman of Lufthansa Karl Ulrich Garnadt. “We want to strengthen this partnership so we can offer.... Read more »

Posted on : Wednesday , 1st October 2014

RBPlat to invest in $250.9m housing project - Phase II for its workers

South Africa’s mining company, Royal Bafokeng Platinum will, in the next five years, invest over US$250m to complete Phase two of the employee housing development scheme for its workers. The company will, during the Phase two of the project, construct 3100 housing units. The project’s approval was announced last week. The project will be undertaken in the next five years. Royal Bafokeng Platinum will build the housing units in.... Read more »

Posted on : Wednesday , 1st October 2014

Two new hospitals to be built in Mozambique at US$ 30m

Two new hospitals are set to be constructed in Sofala Province, Mozambique at a cost of US$ 30m. This follows a Memorandum of Understanding signed between the Dutch, French and Mozambican governments. One of the hospitals will be built in Beira, which is the nation’s capital. It will be a general hospital with a 240 bed capacity. It will be funded by a US$ 15.2m soft loan by the French Development Agency (AFD). This hospital will.... Read more »

Posted on : Tuesday , 30th September 2014

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