Latest African business news, economy, corporate, markets updates

Mega steel plant launched in Dar

The Kamal Steel Limited plant, to produce reinforced bars, flat bars, angle bars, under the continuous casting machine technology, would be the biggest in terms of capacity in East Africa.

Speaking at the launch of the plant’s expansion at Changombe in Dar es Salaam, Mr Pinda said that in order to reach the targets of Vision 2025, it was important that industries were developed since one of the important sectors of the economy was construction where “.... Read more »

Posted on : Saturday , 27th September 2014

Museveni opens biggest steel plant in East Africa

President Yoweri Museveni has commissioned the new Ushs320b Roofing’s Group mega steel factory in Namanve, Mukono district urging locals to learn from the work methods of Ugandans of Indian origin to fast track development.

Posted on : Saturday , 27th September 2014

Kenya s finance bill offers a mixed picture for oil and gas investors – Africa Oil

According to the Canadian explorer the abolishment of the previous withholding tax regime is a positive step that will allow farm out transactions to continue in a tax effective manner.

“Such transactions are heavily relied upon by the oil and gas industry in order to attract companies with the appropriate technical and financial capabilities to projects over the course of their life cycle, thereby mitigating technical and financial risk,&rdq.... Read more »

Posted on : Saturday , 27th September 2014

ERHC enters second phase of PSC in Kenya s Block 11A

Houston-based independent oil and gas company ERHC Energy has announced it is entering its second phase in Block 11A after completing the parties’ obligations under the first phase of the exploration program.

This follows the completion of the 2D seismic program last month which will shape up the basis for continuation of exploration under the second phase.

Under the second phase of exploration, which lasts a fu.... Read more »

Posted on : Thursday , 25th September 2014

Solo Oil receives $5 million debt facility to fund Tanzanian projects

Solo Oil Plc has announced that it has drawn down the first US$1 million of a US$5 million 3-year debt facility secured today, and has closed a Placing of £760,000 at 0.95 pence per share and a conditional Placing of £1.5 million at 0.95 pence per share which relates to a Placing and an Equity Swap Agreement with YA Global Master SPV, Ltd. (“YAGM”).

YAGM has agreed with the Company that they will not dispose of any shares ac.... Read more »

Posted on : Thursday , 25th September 2014

Kenya to construct the largest convention centre in Africa at US$ 561m

Kenya has unveiled plans to construct the largest convention centre in Africa as announced by the Ministry of Tourism, in a move to capitalize on convention tourism. The center will be constructed at a cost of US$ 561m. Construction works for the project has been slotted for next year, and the funds will be made available through a public-private partnership program (PPP).Read more »

Posted on : Thursday , 25th September 2014

Africa Oilfield Logistics to build logistics hub in Kenya

Africa Oilfield Logistics Limited has announced that it will build a logistics hub in northern Kenya

The company's main subsidiary, Ardan Risk & Support Services, has entered into a 15-year lease over a plot of land to build the logistics hub, consisting of warehousing, fuel distribution and cold storage. The project will be developed into the first of several planned logistics hubs to support Ardan Risk & Support Services's technical division and its expandi.... Read more »