Latest African business news, economy, corporate, markets updates

A mini-hydropower plant proposed in Chimanimani, Zimbabwe

A new 1.7 MW hydropower plant is set to be built in Zimbabwe at Chimanimani rural district of Zimbabwe.

The plant will boost electricity output in the country and see reduced price of electricity which have constantly growing up in the county.

According to Zimbabwe Energy Regulatory Authority (ZERA, through a statement, the Chimanimani-based power plant will be called Nyahode hydropower plant and will use water from the Nya.... Read more »

Posted on : Saturday , 4th October 2014

Power Africa Off-Grid Energy Challenge to implement renewable energy projects

22 winners of the second round of Power Africa Off-Grid Energy Challenge have been announced by General Electric Africa, the United States African Development Foundation (USADF) and the U.S. Agency for International Development (USAID).

The winners, who include 4 from Nigeria – Topstep Nigeria Ltd, Ginphed Nigeria, Quintas Renewable Energy, Sky Resources – will now undertake renewable energy generation projects all over Africa. USADF, USAID a.... Read more »

Posted on : Saturday , 4th October 2014

Eni Finds 300M Barrels Offshore Angola

Italy's Eni reported Wednesday that it has made a new oil discovery at the Ochigufu exploration prospect, located in deep water off Angola. Ochigufu is the 10th commercial oil discovery in the country's Block 15/06 and is estimated to contain 300 million barrels in place. Eni also reported that the Ochigufu 1 NFW well, which led to the discovery, will be brought into production "in record time". The well, located approximately 90 miles off the coast of Angola, was drille.... Read more »

Posted on : Friday , 3rd October 2014

Swala Concludes 2D Seismic Acquisition in Tanzania's Pangani License

East Africa-focused Swala Energy Limited (Swala or the Company) announced Thursday the successful completion of the 124 mile (200 kilometer) 2D seismic acquisition program carried out by its subsidiary company, Swala Oil and Gas (Tanzania) Plc (SOGTP), over the Moshi Basin in the Pangani license in northern Tanzania. This program will satisfy the work obligation for the Third Contract Year. The preliminary interpretation of these new data has allowed SOGTP to identify a number.... Read more »

Posted on : Friday , 3rd October 2014

Liberia: LPRC, Commerce Drop Petroleum Prices Again

Monrovia — The Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company, (LPRC) has announced that there will be reductions in the pump prices of gasoline (PMS) and fuel oil (AGO) by twelve (12) cents and fifteen (15) cents respectively, according to an LPRC release.

This means, the wholesale price for gasoline is US$3. 88 cents and fuel oil are US$3. 93 cents, while the pump price.... Read more »

Posted on : Thursday , 2nd October 2014

Porsche returns to Kenya to tap expanding economy

NAIROBI, Kenya (Bloomberg) -- Porsche has opened a franchise in Kenya as it seeks to take advantage of the expanding economy in the region.

Posted on : Thursday , 2nd October 2014

Nigeria: Gas Marketers Decry Hike in LPG Price

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has decried the hike in price of Liquefied Petroleum Gas (LPG) just as it urged the federal government to stop Algasco LPG Services from increasing the price of cooking gas.

Mr Basil Ogbuanu, the President of NALPGAM, who made the appeal while speaking with Daily Trust on telephone yesterday, said Algasco LPG Services, the nation's biggest gas su.... Read more »