Market News Page No. 554| Africa Business News | Afrotrade

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Aminex increases Tanzanian discovery estimates to 1.9Tcf

Aminex has announced that following the Company’s newly acquired seismic in Tanzania shows larger resources estimates than earlier anticipated. The new interpretation by Aminex over the Ntorya discovery in the Ruvuma PSA shows that Likonde and Ntorya are connected at the Cretaceous level and based on the recent 2014 seismic programme estimates of the resources have increased from 1.2 Tcf to 1.9 Tcf (Pmean.... Read more »

Posted on : Tuesday , 9th September 2014

DNO gets 2 year extension for Block SL18, Somaliland

Norwegian oil and gas operator DNO has said it has been granted a two-year extension of the term of its production sharing agreement for Block SL18 in Somaliland. DNO which has a 50 percent stake as operator in Block SL18 will now see the first exploration period will now end on 8 November 2017. Already the partners of Block SL18 have completed field survey and environmental assessment studies and now says will initiate a.... Read more »

Posted on : Tuesday , 9th September 2014

SASOL considering expanding into Tanzania, Ghana and Angola

Sasol is seeking into expanding into more Eastern and Western African countries according to an interview with Reuters on Monday. The South African company earlier in the year reported it was conducting a study to build a gas-to-liquid (GTL) plant in northern Mozambique with Italian oil and gas group as its first priority in Mozambique in an interview with the CEO David Constable. Asked on which countries the company.... Read more »

Posted on : Tuesday , 9th September 2014

Over 20 Automakers To Set Up Local Assembly Plants In Nigeria

VENTURES AFRICA – The fruits of Nigeria’s Automotive policy continues to grow as the country’s National Automotive Council (NAC) on the implementation revealed that 21 Auto companies have signed commitments with technical partners to set up local assembly operations. The report gave the product lines as; Five Cars and Sport Utility Vehicles (SUVs), six mini-buses, four buses, four pickup trucks, and eight.... Read more »

Posted on : Monday , 8th September 2014

FG sets aside N200bn for power sector liabilities

The Federal Government has set aside N200bn for the payment of outstanding market liabilities and financial obligations in the power sector. The Chairman, Presidential Task Force on Power, Mr. Reynolds Dagogo-Jack, said this in Uyo, Akwa Ibom on Friday while on an inspection tour of power projects in the state as well as Cross River State. A statement issued by PTFP in Abuja on Sunday did not give details of the use of the fund, but.... Read more »

Posted on : Monday , 8th September 2014

Hyundai Targets Greater South African Market Share With New Plant

VENTURES AFRICA – South Korea’s Hyundai Motor Company, through its subsidiary, Hyundai Automotive South Africa has opened a new plant in Benoni, Guateng, as it looks to consolidate its position in a very competitive industry. The automobile company is competing with the likes of General Motors and Toyota for a share of the country’s automobile market whose exports rose 8.2 percent to R102.7 billion ($9.5 billion) in.... Read more »

Posted on : Monday , 8th September 2014

Africa: UN Licences Kick off Search for Underwater Minerals

The International Seabed Authority (ISA) has begun issuing exploration licences for mining the yet untouched floor of international waters raising concerns about potential environmental impacts. The licenses, issued on 21 July, grant prospecting rights for underwater minerals to private and state-owned companies from Brazil, Cook Islands, Germany, India, Russia, Singapore and the United Kingdom. ISA, the UN body.... Read more »

Posted on : Monday , 8th September 2014

US$250m Ressano Garcia power station in Mozambique inagurated

President Armando Guebuza has inaugurated the Ressano Garcia power station located on the border with South Africa. The Ressano Garcia power station will generate a total of 180 megawatts. The gas is treated by SASOL, South African petro-chemical giant, before being taken to the plant via a pipeline. The gas pipeline measuring 614 kilometre long starts from the Pande and Temane gas fields in Inhambane province. The.... Read more »

Posted on : Monday , 8th September 2014

Zimbabwe: Power Project Cost Raises Suspicion

FORMER Energy minister Elton Mangoma yesterday questioned the US$533 million Kariba South Power Station extension project launched by President Robert Mugabe last week, saying there was serious suspicion of inflation of prices and looting by officials involved. "Initially when we signed, the total cost for the project was US$370 million, now they are talking of US$530 something million. They now want to steal the money. The.... Read more »

Posted on : Monday , 8th September 2014

South Africa: Eskom Signs Koeberg Steam Generators Contract

Power parastatal Eskom has signed a contract that will see the replacement of steam generators at the Koeberg nuclear power plant, it confirmed. "Eskom is pleased to announce that the contract between it and Areva NP was signed on Friday," said Eskom on Saturday. The signing of the contract comes as Westinghouse Electric, a manufacturing company, withdrew its high court application to interdict Eskom..... Read more »

Posted on : Monday , 8th September 2014

German automotive firm eyes East Africa market

German automotive firm Bosch on Thursday announced it has entered the East African market. The firm's MD of Southern Africa Steffen Hoffman told journalists in Nairobi that it will invest over 250,000 Euros in their business venture in Kenya. "We want to tap into the motor industry that has been growing rapidly in the past decade as a result of the growing middle class, " Hoffman said during the.... Read more »

Posted on : Saturday , 6th September 2014

Hyundai to assemble delivery vans in SA

SOUTH Korean car manufacturer Hyundai is preparing to build vehicles in South Africa. The Seoul-based company’s local representative has confirmed it will assemble light delivery vehicles in Gauteng from next year and may manufacture cars in South Africa at a later stage. Despite not officially releasing sales figures, Hyundai is generally considered a strong third in the South African new-car market, behind Volkswagen.... Read more »

Posted on : Saturday , 6th September 2014

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