Market News Page No. 562| Africa Business News | Afrotrade

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IFC acquires stake, injects Sh6b in Kenyan cement firm

The cash will enable National Cement Company expand its operations and create over 6,000 jobs he International Finance Corporation (IFC), a private sector lending arm of the World Bank, will inject Sh5.9 billion ($70m) into National Cement Company Limited, a member of the Devki Group Of Companies formed in 2008. The cash injection will enable the Athi River-based firm expand operations, increase local supply of cement and promote.... Read more »

Posted on : Saturday , 27th September 2014

Indonesia pays more attention to Sub-Saharan Africa for Construction Services

Jakarta (ANTARA News) - Indonesia pays more and more attention to Sub-Saharan Africa as promising emerging markets in the next decades. At a roundtable discussion on opportunities for investment and trade cooperation in construction services and products in Sub-Saharan Africa held recently by the Ministry of Foreign Affairs (MOFA), Nigeria, Mozambique and South Africa offered many opportunities to would-be investors as gateways to doing.... Read more »

Posted on : Saturday , 27th September 2014

China to build new East Africa railway line

Formal agreements for plans to build a new railway line in East Africa with Chinese help have been signed in the Kenyan capital, Nairobi. It is to run from Mombasa to Nairobi and will extend eventually to Uganda, Rwanda, Burundi and South Sudan. In Kenya, the line is to replace a narrow-gauge track built more than 100 years ago during British colonial rule. China is to finance 90% of the first stage, put at $3.8bn (£2.3bn), with work.... Read more »

Posted on : Saturday , 27th September 2014

Tanzania set to be one of Africa's top cement maker

Cement production is becoming an important manufacturing activity that would contribute immensely to Tanzania’s economic growth, in terms of exports and job creation. The cement industry has of late seen more key players coming in, the move that would lead to increased production to make the country the largest cement producer in Africa. Locally, the situation will stir up competitions that would force prices to decline, to benefit.... Read more »

Posted on : Saturday , 27th September 2014

Mega steel plant launched in Dar

The Kamal Steel Limited plant, to produce reinforced bars, flat bars, angle bars, under the continuous casting machine technology, would be the biggest in terms of capacity in East Africa. Speaking at the launch of the plant’s expansion at Changombe in Dar es Salaam, Mr Pinda said that in order to reach the targets of Vision 2025, it was important that industries were developed since one of the important sectors of the economy was.... Read more »

Posted on : Saturday , 27th September 2014

Museveni opens biggest steel plant in East Africa

President Yoweri Museveni has commissioned the new Ushs320b Roofing’s Group mega steel factory in Namanve, Mukono district urging locals to learn from the work methods of Ugandans of Indian origin to fast track development. Established in 1994 by Sikander Lalani, Roofings Group is now the largest steel factory in East and Central Africa and is worth an estimated US$280m (Ushs782b). The latest Ushs320b expansion has.... Read more »

Posted on : Saturday , 27th September 2014

Kenya s finance bill offers a mixed picture for oil and gas investors � Africa Oil

According to the Canadian explorer the abolishment of the previous withholding tax regime is a positive step that will allow farm out transactions to continue in a tax effective manner. “Such transactions are heavily relied upon by the oil and gas industry in order to attract companies with the appropriate technical and financial capabilities to projects over the course of their life cycle, thereby mitigating technical and.... Read more »

Posted on : Saturday , 27th September 2014

ERHC enters second phase of PSC in Kenya s Block 11A

Houston-based independent oil and gas company ERHC Energy has announced it is entering its second phase in Block 11A after completing the parties’ obligations under the first phase of the exploration program. This follows the completion of the 2D seismic program last month which will shape up the basis for continuation of exploration under the second phase. Under the second phase of exploration, which lasts a.... Read more »

Posted on : Thursday , 25th September 2014

Solo Oil receives $5 million debt facility to fund Tanzanian projects

Solo Oil Plc has announced that it has drawn down the first US$1 million of a US$5 million 3-year debt facility secured today, and has closed a Placing of £760,000 at 0.95 pence per share and a conditional Placing of £1.5 million at 0.95 pence per share which relates to a Placing and an Equity Swap Agreement with YA Global Master SPV, Ltd. (“YAGM”). YAGM has agreed with the Company that they will not.... Read more »

Posted on : Thursday , 25th September 2014

Kenya to construct the largest convention centre in Africa at US$ 561m

Kenya has unveiled plans to construct the largest convention centre in Africa as announced by the Ministry of Tourism, in a move to capitalize on convention tourism. The center will be constructed at a cost of US$ 561m. Construction works for the project has been slotted for next year, and the funds will be made available through a public-private partnership program (PPP). The new development will be called the Bomas International Conference.... Read more »

Posted on : Thursday , 25th September 2014

Africa Oilfield Logistics to build logistics hub in Kenya

Africa Oilfield Logistics Limited has announced that it will build a logistics hub in northern Kenya The company's main subsidiary, Ardan Risk & Support Services, has entered into a 15-year lease over a plot of land to build the logistics hub, consisting of warehousing, fuel distribution and cold storage. The project will be developed into the first of several planned logistics hubs to support Ardan Risk & Support Services's.... Read more »

Posted on : Wednesday , 24th September 2014

Egypt to buy majority oil product imports from UAE

Egyptian General Petroleum Corporation (EGPC) will buy 65 per cent of its oil product imports from the UAE’s ADNOC for a year According to a statement form the Oil Ministry of Egypt, the agreement between EGPC and ADNOC covers gasoline, diesel, heavy fuel and LPG. However, the agreement value was not disclosed. The statement also added that the deal was approved to meet the country’s urgent oil requirements, as Egypt imports.... Read more »

Posted on : Wednesday , 24th September 2014

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