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Latest Business News

Tanzania Discovers More Gas on Ruvu Basin

Tanzania has made yet another discovery of natural gas reserves totalling 2.17 trillion cubic feet (tcf) along Ruvu Basin in Coast Region. The discovery has been made at a block operated by Dodsal Hydrocarbons and Power Tanzania Limited owned and chaired by UAE-based billionaire, Dr Rejan Kilachand. It brings the sum of proven natural gas reserves to 57.27 tcf in both offshore and onshore wells. Officials of the company estimate that the reserve is worth 6 billion US.... Read more »

Posted on : Friday , 26th February 2016

Oryx Builds LPG Liquefaction Plant in Tanzania

Oryx Energies has commissioned the first LPG Cylinder liquefaction plant in Tanzania, a move that would boost supply of gas in the country. According to the company's Country Director, Mr Nick McAleer, the plant represents an investment of 1.5bn/-and is part of the company's significant growth plans for bringing Oryx Gas to all parts of the country. "Previously we used to send cylinders to Kenya for liquefaction". By building a plant here in.... Read more »

Posted on : Friday , 26th February 2016

Eni gets approval for floating LNG Plant in Mozambique

Italy's Eni said on Wednesday it has won approval from the Mozambique government to build its planned Coral floating liquefied natural gas plant. The company, which aims to sell all the LNG from the plant to British oil company BP, is expected to make a final investment decision this year but has now overcome one of the biggest hurdles. The pace of development of giant gas export schemes has slowed globally as liquefied natural gas prices have plummeted with.... Read more »

Posted on : Thursday , 25th February 2016

Development of Special Economic Zone at Mombasa to Boost Business

The Kenyan government's approval of the development of a Special Economic Zone (SEZ) in Dongo Kundu, Mombasa, expected to boost job creation and regional trade, has been welcomed by business people. The Dongo Kundu bypass, which is part of a three-phase plan to decongest the port city of Mombasa, is set for completion in 2018. Eng. Jean-Baptiste Gasangwa, the Private Sector Federation (PSF) resident representative in Mombasa, told The New Times on Monday that two.... Read more »

Posted on : Thursday , 25th February 2016

Kenya Among Most Promising Merger Markets in Africa

Kenya is among the most attractive target countries for merger and acquisition activity in Africa according to a new report by a business risk consultancy. Control Risks also names South Africa and Nigeria as other top countries in the continent where investors want to put their money. The report was produced after a survey that involved interviews with 100 merger and acquisition practitioners operating in Africa. Respondents expect 41 per cent of foreign.... Read more »

Posted on : Thursday , 25th February 2016

Kenya Food Security Project to Get Additional Funding from Israel

The Israeli firm contracted by Kenya to undertake trials for the Galana-Kulalu food security project will have get funding in the next few weeks. Green Arava had been facing cash flow problems that had delayed the project which was due to be completed in March this year. The government is pushing the firm to deliver the 10,000 acre model farm by July ahead of Prime Minister Benjamin Netanyahu's visit and Cabinet Secretary Eugene Wamalwa says the financing.... Read more »

Posted on : Thursday , 25th February 2016

Kenya County Seeking Sh142m Supplementary Budget for Health

The county government is asking the assembly to approve Sh142 million in its supplementary budget to cater for the health sector and salaries in the current financial year. House Budget committee chairman Moses Ndung'u confirmed on Wednesday that the amount is part of the Sh374 million supplementary budget that was forwarded to the committee by the executive last week. "We are going to sit before the end of this week to approve it or make amendments where.... Read more »

Posted on : Thursday , 25th February 2016

EU funds �4.4m Zambia Power Project

The European Union (EU) has given Zambia 4.4 million Euros in a financial grant for the implementation of the electricity inter-connector project along with Kenya and Tanzania. Energy and Water Development Deputy Minister Charles Zulu said the three country-led power project was being funded by the EU in collaboration with the Common Market for Eastern and Southern Africa. Mr Zulu said the inter-connector project would help ease the power deficit in the region once.... Read more »