Latest African business news, economy, corporate, markets updates

NLNG Woos Investors For Large Oil And Gas Vessel DockYard

Nigeria Liquefied Natural Gas Company (NLNG) is courting financial investors for the construction of a dry dock for the maintenance of large oil and gas vessels in Badagry, Lagos State.

The public and private owned gas company say the construction of the dock will save huge foreign exchange for Nigeria as well as create real value for the economy.

“This dry-dock, when completed, holds huge potential for the inve.... Read more »

Posted on : Wednesday , 24th December 2014

Collaboration key to minimising security risks for Africa s oil and gas sector

Collaboration between the heads of security of oil and gas companies and suppliers to the industry will help minimise security challenges in Africa, according to Doug Byers of shipbuilding and maritime solutions company Nautic AfricaNautic Africa’s business development manager said that the heads of security of companies such as Shell Nigeria, Subsea7, Tidewater, Halliburton and Statoil work under extremely challenging conditions and have an enormous responsibility to en.... Read more »

Posted on : Wednesday , 24th December 2014

Swiber enters West Africa market with mystery offshore EPCIC contract

The USD 710m project award includes the provision of full EPCIC services of an offshore processing facility, as well as associated subsea infrastructure developments.

Swiber did not name the contractor or specify where the project is to take place.

For the contract scope and duration, Swiber will be mobilising a full and dedicated project management team.

“The award of this Project.... Read more »

Posted on : Wednesday , 24th December 2014

Kenya banks set for another year of record profits

Commercial banks braved the many challenges in the economy to close the month of November ahead of the full-year profits in 2013 — giving the clearest signal yet that they are on course to setting a new profits record this year.

The Central Bank of Kenya’s (CBK) latest report indicates that the lenders posted a .... Read more »

Posted on : Wednesday , 24th December 2014

Zambia-Tanzania-Kenya power inter-connector project

The project, which was signed in Livingstone, Zambia last week on December 15, 2014, is set for completion in phases between 2016 and 2018.

“By doing so power tariffs would be reduced, our people would now get cheaper power possibly below $0.10 cents per unit,” Prof Sospeter Muhongo, Tanzania’s Minister fo.... Read more »

Posted on : Wednesday , 24th December 2014

BG Group agrees sale and charter of LNG vessels

BG Group has entered into an agreement with GasLog Ltd for them to acquire two modern tri-fuel diesel electric (TFDE) LNG carriers for proceeds of $460 million.

BG Group will charter back the two vessels, the Methane Becki Anne and Methane Julia Louise, for nine and eleven years with further options to extend the term for each vessel by either three or five years.

The transactions provide BG Group with flexibility in .... Read more »