Bitature woos Belgian investors to East Africa

 “We as a country have worked hard over the years to ensure that our future is stable by ensuring peace and security,” he said. Bitature, who is the chairman Simba Group of Companies made the remarks before the Belgium business community in Uganda at the second gathering of the Belgium Uganda Business Forum. The forum was held at the residence of the Belgium ambassador in Uganda. He said the private sector in Uganda, to which he asked them to join, is developed and.... Read more »

Posted on : Saturday , 3rd January 2015

Africa: Jubilee to acquire firms in expansion strategy

 “We expect to start operations in various countries from next year. Our approach will involve acquiring existing companies as well as starting new ones,” said the Company‘s Chairman Nizar Juma.   In an interview with Business Beat, Mr Juma explained that the company has already started the process of setting up companies in Ethiopia, DRC Congo, Mozambique, Madagascar, Senegal and Côte d’Ivoire in West Africa.   He said the company is.... Read more »

Posted on : Saturday , 3rd January 2015

Private sector upbeat on increased economic growth as 2015 unravels

 They welcomed the Government’s continued commitment to transforming the country’s infrastructure, mainly roads and installation of electricity. “This demonstrated guarantee will help reduce the cost of doing business and open up the country to quality investments,” Kenya Private Sector Alliance ( KEPSA) Chief Executive Officer Carol Kariuki said in a telephone interview. She said the business sector is expected to register high growth as the Government.... Read more »

Posted on : Saturday , 3rd January 2015

Uganda begins evaluations of bids for Hoima-Kampala pipeline

 The Ugandan government has announced that it has started evaluating bids from a number of international firms for the construction of the export pipeline from Hoima (refinery site) to Kampala (distribution terminal) stretching over 200 kilometers.   The companies will be charged with the responsibility of generating a blueprint for the route to be followed as well as carryout an environmental baseline study.   According to project manager Bashir Hangi the.... Read more »

Posted on : Friday , 2nd January 2015

Aminex receives approval to sell stake in Tanzanian licence

Aminex has announced that it would sell up to 13 per cent interest in the Tanzania’s Kiliwani North Development Licence (KNDL) to Solo Oil for US$7mn The company has received no objection from the Tanzanian Ministry of Energy and Minerals and said that the completion of the initial 6.5 per cent interest remained subject only to a formal deed of assignment being signed by all participating parties. Solo Oil and Aminex have agreed to extend the deadline on the purchase of the.... Read more »

Posted on : Friday , 2nd January 2015

Partners Hit Gas Onshore Mozambique

      Drilling of the Tembo-1 well on Mozambique’s Onshore Rovuma Concession has resulted in a natural gas discovery for Anadarko Petroleum (operator) and Wentworth Resources. The discovery was made in Cretaceous-aged sands. The Tembo-1 was drilled to a total depth of 4,553 meters and reached TD in Jurassic-aged sediments. Petrophysical analysis of the Cretaceous section indicates 11 meters of natural gas net pay. Natural gas and some condensate were recovered.... Read more »

Posted on : Friday , 2nd January 2015

Otto Marine announces sale and leaseback of one AHTS at US$100million

 Otto Marine Limited a leading offshore chartering group, which owns and operates more than 60 offshore support vessels globally, and also engaged in specialized shipbuilding, repair and conversion of offshore support vessels has announced that its shipyard division has sold an Anchor Handling Tug Supply Vessel to a renowned unrelated third party (the “Buyer”) for US$100 million.   DNV classed and Norwegian-designed, the VS491 21,000bhp AHTS is a hybrid.... Read more »

Posted on : Friday , 2nd January 2015

Seadrill to purchase ultra-deepwater drillship West Polaris

 Seadrill Limited has announced it has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited. The West Polaris was acquired by Ship Finance in 2008 and subsequently bareboat chartered to Seadrill with purchase options commencing in 2012.The purchase option price is US$456 million and total consideration payable to Ship Finance is US$108 million. The transaction will be executed as a purchase of.... Read more »

Posted on : Friday , 2nd January 2015

The East African Business Council all set to boost regional trade

 This will be promoted within the business community in the EAC Partner States and is expected to guide the private sector in provision and acquisition of services across the region, Andrew Luzze, the Executive Director East African Business Council, has said.   The new code of conduct is expected to be ready by April 2015.   “The Code seeks to incorporate key themes that are internationally recognised as basic principles for responsible global citizenship for.... Read more »

Posted on : Friday , 2nd January 2015

East Africa Investments grow by sh9 trillion

 The growth, which was mostly driven by a boom in finance, insurance and real estate, accounted for 44% of actual investments, the Uganda Investment Authority (UIA) has said. Addressing journalists in Kampala recently, the executive director of UIA, Dr. Frank Ssebowa, said the authority registered an 8% growth in actual investments to $46.8m, compared to $43m recorded in the previous quarter. He added that the business service sector recorded the highest investment to the tune.... Read more »

Posted on : Friday , 2nd January 2015

China expands investment in Tanzania

  The Tanzanian government has begun the compensation process for about 1,000 local residents who will need to be relocated, and construction will begin soon, Abdallah Kigoda, the Tanzanian minister for industry and trade, said at a news conference in Dar es Salaam last month, according to Xinhua, the Chinese state news agency. Mr Kigoda said that the Chinese side would provide $412.5 million for the project, located in the Kurasini area of Dar es Salaam, whose port is one of.... Read more »

Posted on : Friday , 2nd January 2015

Kenyan government to establish modern centre to support investors

 The centre – one of the latest moves by the Government to make Kenya investor-friendly – will bring Government ministries and agencies involved in investment facilitation under one roof. “Our intention is to second senior officers to the Centre with sufficient authority to make decisions.   I have directed the Ministry of East African Affairs and other Ministries involved to hasten this process,” he said. The President spoke today when he.... Read more »

Posted on : Friday , 2nd January 2015