Eco (Atlantic) Oil & Gas to acquire Pan African Oil in Namibia

 s position as a dominant license holder offshore Namibia. Pan African Oil, an Africa-focused oil and gas explorer, operates two licenses in offshore Namibia, which covers around 13,000 sq km. The company has already completed the first term work commitments for both licenses, and has found a potentially new prospective geological fairway. The Canadian explorer Eco (Atlantic) Oil and Gas owns and operates four licenses in Namibia, three of which have more than 21.5bn barrels of.... Read more »

Posted on : Monday , 29th December 2014

Kenya to construct bridge across Likoni channel

Principal Secretary, Infrastructure Development, Eng John Mosonik said to provide a more reliable link to South Coast, plans have commenced for the construction of the Likoni bridge to replace the ferry.   The Likoni Ferry, serviced by the Kenya Ferry Services (KFS) has come under constant criticism over inefficiency particularly from tourism players who have had to grapple with long queues due to delays and ageing equipment.   Eng Mosonik (pictured) said the government.... Read more »

Posted on : Monday , 29th December 2014

Rehabilitation of 600km Lesseru - Napadal road to boost trade with S Sudan

The road  starts from Lesseru and traverses Kitale, Marich Pass, Lodwar and Lokichogio, ending at Nadapal border between Kenya and South Sudan. It  covers about 605km.   The poor condition of the road which is considered a major link road along the Northern Corridor prompted the Kenya National Highways Authority to procure the services of three consultants to conduct studies before the start of majorrehabilitation work.   Speaking at KeNHA offices, Engineer.... Read more »

Posted on : Monday , 29th December 2014

LAFARGE TO MERGE AFRICAN UNITS IN $1.35 BLN DEAL

 French cement maker Lafarge will combine its South Africa business with publicly traded Nigerian unit Lafarge Wapco, its country CEO said. Guillaume Roux said the deal, worth 1.35 billion dollars, will see the Lafarge group get 200 million dollars in cash and 1.4 billion new shares in Lafarge Wapco to effect the merger. The new company, Lafarge Africa Plc, will have a market capitalisation of more than three billion dollars and will be listed on the Nigerian Stock Exchange,.... Read more »

Posted on : Monday , 29th December 2014

Ghana devises plan to curb power crisis

 GHANA is making frantic efforts to finance a plan aimed at paying for gas supplied to the Volta River Authority (VRA) and the power producers in the event of a cash fall, local daily newspaper reported. This is part of plans to avert rising power crisis. According to the publication, Ghana National Petroleum Corporation (GNPC) is working on a fall-back financing plan widely believed to boost the production of gas in the country. GNPC Import and Export Manager, Mr Denis.... Read more »

Posted on : Monday , 29th December 2014

Uganda s oil refinery project good for East Africa

 UGANDA'S progress in transforming the oil assets and the plan to build refinery project has attracted criticism, skepticism and resistance, a challenge that will test government’s stamina to make independent decision for the benefit of its citizens.This is after protracted efforts to search for oil and gas in the Lake Albert basin confirmed 2.5 billion barrel of crude oil in reserves meaning that at least one billion barrels oil equivalent can be recovered.Amongst oil.... Read more »

Posted on : Monday , 29th December 2014

Somalia exploration positions East Africa as the new oil and gas frontier

 East Africa has been emerging as a major new frontier in the oil and gas industry for some time, and the latest news that Somalia has opened itself up to exploration is a further sign that the region is aware of the limitless potential that its oil and gas reserves present.   The world's oil and gas industry has been keeping increasingly close tabs on East Africa as a slew of new projects have sprung up, with gas reserves being developed off the coast of Mozambique,.... Read more »

Posted on : Monday , 29th December 2014

INDIAN EXPORTERS -NEW STRATEGY TO TAP THE EAST AFRICAN MARKET

 It is high time Indian exporters and investors turned their attention to the five countries in the East African Community, which is surging ahead with reforms and has become the second fastest economic bloc in the world The realisation of a large regional economic bloc with a combined population of more than 141.1 million people, land area of 1.82 million sq.km and a combined Gross Domestic Product of $99.8 billion, bears great strategic and geopolitical significance and.... Read more »

Posted on : Monday , 29th December 2014

Africa To Be A Major Market To Help Achieve the 2 Billion Target

 The company aims to add 1 billion new customers by 2020, so as to double its existing user base. The majority of the growth is expected to come from emerging nations like Asia, Africa, and Latin America. We believe Africa will play a pivotal role in L’Oreal’s expansion plan. The Middle East and Africa segment is the fastest growing geographical segment for L’Oreal (approximately 15% year on year). In 2013, L’Oreal’s revenues grew by 2.3% to €23.... Read more »

Posted on : Monday , 29th December 2014

DUBAI'S COMPANY BUYING $300 MLN STAKE IN AFRICAN INDUSTRY

 Investment Corp of Dubai has agreed to buy a 300 million dollar stake in Dangote Cement. The state fund, Investment Corp of Dubai (ICD), which holds stakes in some of the emirate's top firms, has agreed to buy the stake in top Nigerian cement producer, a spokesman for Dangote said on Monday. Carl Franklin, Dangote's head of investor relations, did not give further details. Dangote's current market capitalisation is about 23.7 billion US dollars, meaning ICD is taking a stake.... Read more »

Posted on : Monday , 29th December 2014

East Africa speeds up energy projects

 East African governments have doubled their efforts to increase energy output, with several multi-million dollar projects on the cards. The aim is to meet rising demand as well as attract more investments, after the 2014 World Bank Ease of Doing Business report noted that low energy output remains a hurdle for investors. In the past two months, Rwanda, Tanzania and Kenya have announced a number of power upgrade projects. Rwanda recently announced that it will meet its 2017.... Read more »

Posted on : Monday , 29th December 2014

Kenya: Africa s largest wind power project achieves full financial close

Following the financial close of Lake Turkana Wind Power Project (LTWP), the first disbursement of funds pursuant to the financing agreements signed in March 2014 has been received. The Sh70 billion project is the largest single wind power project to be constructed in Africa and is to date, the largest private investment in the history of Kenya and the most complex and challenging project financing undertaken in the renewable energy space in sub-Saharan Africa. The project is a key.... Read more »

Posted on : Monday , 29th December 2014