Latest African business news, economy, corporate, markets updates

Tanzania: New Geothermal Firm Established

BLESSED with the potential to generate over 4,000 megawatts of electricity from geothermal sources, the government has formed a company to steer the country into effectively and beneficially tapping it.

Operating as a subsidiary of Tanzania Electric Supply Company (Tanesco), the Tanzania Geothermal Development Company started operations in July this year, according to the Energy and Minerals Minister, Professor Sospeter Muhongo.

<.... Read more »

Posted on : Tuesday , 19th August 2014

Kenya: Railway Project to Employ 30,000 Kenyans

Nairobi — More than 2,400 Kenyans have already been hired for the construction of the Standard Gauge Railway (SGR).

Assistant President of China Communications and Construction Company Wen Gang says they also intend to sub-contract about 40 percent of the project to local companies.

At a meeting with President Uhuru Kenyatta at State House Nairobi on Monday, Wen said at its peak, the SGR project will employ more.... Read more »

Posted on : Tuesday , 19th August 2014

Kenya: What Kenya Has Lined Up in Race for U.S. Investments

Kenya is in a good position to wrestle a significant share of the billions of dollars promised during the recent US-Africa Summit in renewed investment plans as a major hub in East Africa.

However, its neighbour Ethiopia and West Africa's Nigeria and Ghana are seen as Kenya's main competitors in drawing the investments from US companies and government.

President Barrack Obama gave the clearest indication two weeks ago that .... Read more »

Posted on : Tuesday , 19th August 2014

Kenya: Sh2.8 Million Banana Project for Ungunja Farmers

Farmers in Unguja will benefit from a Sh2.8 million programme that seeks to enhance production of bananas and sweet potatoes in the subcounty. Ugunja Community Resource Centre has initiated the programme.

The centre's chief executive officer Aggrey Omondi said the programme will benefit 4,075 farmers. Omondi was speaking on Thursday at Savannah Hotel in Ugunja during the launch of the programme.

He said the pilot project wi.... Read more »

Posted on : Tuesday , 19th August 2014

Angola produced 1.7 million barrels of oil per day in July

Angola produced 1.7 million barrels of oil per day last July, Petroleum Minister José Maria Botelho de Vasconcelos announced on Wednesday in Luanda.

The production figure shows a growing tendency toward achieving the production target of 2 million barrels of oil per day in 2015, Botelho de Vasconcelos said during a seminar on dispersants and on-site burning.

Cited by Angop news agency, he specified that more than 99 percent of Angolan production is.... Read more »

Posted on : Tuesday , 19th August 2014

Kenya: American Firms Told to Bid for Energy Projects

American companies should compete to develop power projects if Kenya is to get a bigger chunk of funds under Power Africa, according to Energy and Petroleum Cabinet Secretary Davis Chirchir.

Power Africa is an initiative by the American government to help double access to electricity in Africa countries. It is initially focusing on six countries including Kenya, Tanzania, Ethiopia, Nigeria, Ghana and Liberia.

The initiative.... Read more »