Africa Growth, UK Business Boost Old Mutual Sales

Old Mutual [JSE:OML] on Wednesday posted strong third quarter results with gross sales up 31% to R172.53bn.   Investors initially cheered the news, sending the share price up over 3% to reach a new record high of R47.15. However, by 16:30 the shares were changing hands up only 0.57% at R45.89 from the previous close.   Old Mutual Emerging Markets delivered a strong performance, despite weaker economic conditions in South Africa, the company said in a trade update for the.... Read more »

Posted on : Friday , 6th November 2015

Olam's Investment in Production of Rice in Nigeria

Olam is one of the multinational companies involved in the production of rice in Nigeria.   With a farm situated in Rukubi village in Doma Local Government of Nasarawa State, it is currently cultivating 4,000 hectares of rice. The total hectare according to the farm officials is 10,000.   Mahesh Nimje, who led a team from the farm to the recent Daily Trust Agric Conference in Abuja said the farm is expanding annually.   "Every year we are increasing our.... Read more »

Posted on : Friday , 6th November 2015

Lake Chad Institute Targets 1.5 Million Metric Tons of Wheat in Two Years

Kano — Lake Chad Research Institute (LCRI), Maiduguri has revealed that the Federal Government's Agricultural Transformation Agenda (ATA) initiative has launched a nationwide scaling-up programme for expanding the wheat area from 70,000 hectares to 350,000 which is set to produce over 1.5 million metric tons of wheat in 2017.   This was disclosed by the Executive Director of LCRI, Dr. Oluwasina Gbenga Olabanji, during the pre-season training workshop organised for wheat.... Read more »

Posted on : Friday , 6th November 2015

Tanzania: Firm Acquires Tanga Gas Block from Bankrupt Owner

  Canada-based oil and gas issuer Octant Energy Corporation has completed acquisition deals with subsidiary companies of troubled British explorer Afren for three assets in Tanzania and Kenya, the Toronto listed junior said on Monday. The gas property in the country is an offshore and onshore block in Tanga, which Afren acquired in March 2011 after buying a 74 per cent stake from Petrodel that still has a 26 per cent interest in the project. The block whose development is.... Read more »

Posted on : Friday , 6th November 2015

Hyundai set to return to East Africa

 Hyundai Motors abandoned the EA market a decade ago, but is now looking to return. The company’s Regional Marketing Director Sam Lee says that while “Hyundai has been absent from East African roads for over a decade”, they now “consider the region as a significant market and will be making strategic investments to make Hyundai cars the leading models in the region.”   Hyundai will reportedly be making a US$22 million investment into its.... Read more »

Posted on : Friday , 6th November 2015

TANZANIA MNAZI BAY PRODUCTION VOLUME AT 33 MMSCF/DAY IN OCTOBER

Production volumes to the new transnational pipeline in October to production facilities at Madimba, the Mtwara to Dar es Salaam pipeline and the Kinyerezi Gas Receiving Facility stood at 33 mmscf/day. This is from three of the five existing gas wells at Mnazi Bay that have been successfully brought on-stream with the fourth well expected to be tied in during the month of November 2015 and the fifth well is expected to be tied in and ready to produce into the new pipeline in Q1.... Read more »

Posted on : Friday , 6th November 2015

MILIO INTERNATIONAL, PANCONTINENTAL OIL AND GAS PLANNING 2D SEISMIC KENYA’S ONSHORE BLOCK L6

Block L6 operator Dubai based Milio International is in the process of planning for the seismic acquisition  and is currently coordinating with local authorities according to JV partner Pancontinental Oil and Gas. This is part of a farm-out agreement where Milio negotiated entry into the onshore area of block L6 in Kenya to earn a 60% interest in exchange for a 2D seismic programme of not less than 1,000km2, drilling and testing of an onshore well and additional costs such as.... Read more »

Posted on : Friday , 6th November 2015

Mobius Motors to deliver Africa’s cheapest car

 Nairobi-based Mobius Motors recently announced and started pre-selling its Mobius II model, which will offer drivers a highly robust vehicle capable of tackling Africa’s rough rural terrain and will, importantly, be the most affordable SUV on the market, selling for around US$11,000 (other new models usually sell for about US$23,000). It achieves this price by offering a simplified design, with non-essentials such as air-con, power-steering and even windows removed from.... Read more »

Posted on : Friday , 6th November 2015

Construction of phase two of gas project in Africa gets funding from Chinese firm

 Chinese firm Sinopec International Petroleum Service Corporation has offered to finance the construction of phase II of gas project in Ghana.   The giant Chinese Oil Company has confirmed its capability to finance and ensure early completion of the gas project in Ghana.   For about 352 days, the company has helped the country to produce and process natural gas of 532million cubic metres; Liquified Petroleum Gas of 71,330.65 tonnes; and Gas condensate of 17,612.40.... Read more »

Posted on : Friday , 6th November 2015

Construction of wind power projects in Africa receives AfDB support

 The construction of wind power projects in Egypt has received a major boost after African Development Bank (AfDB) agreed to extend a loan of US$50 towards the projects. The project will be constructed by Egyptian-Emirati  company.   AFDB says it will finance Egypt’s share in the first Egyptian-Emirati project to generate electricity from wind power. The loan will be given to New and Renewable Energy Authority (NREA) that will oversee the construction of wind.... Read more »

Posted on : Friday , 6th November 2015

FASTER IMPORTS CLEARANCE AS STATE EXPANDS PRE-SHIPMENT SCRUTINY LIST

The pace and efficiency of import cargo clearance at the various ports of entry is expected to improve following a move by the government to expand the list of goods inspected at the point of origin before shipment into the country. “Having more goods in the pre-shipment inspection arrangement is good for us because we will have lesser work here in terms of inspection. Goods shall be certified at the point of origin and shall only make confirmations when they arrive.... Read more »

Posted on : Thursday , 5th November 2015

Kenya shrugs off Uganda plan to build oil pipeline through Tanzania

Kenya has shrugged off fears over a decision by neighbouring Uganda to consider building a crude oil pipeline through Tanzania. Kenya brushed aside concerns that Uganda’s plan, if it proves cheaper than the alternatives, would scuttle its infrastructural plans for its own oil pipeline. Acting Transport Cabinet Secretary James Macharia told the Nation on Wednesday that while Kenya is “keenly keeping a close watch on the unfolding events in Uganda”, it would go.... Read more »

Posted on : Thursday , 5th November 2015