Maersk Drilling announced that Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola,

 Maersk Drilling announced Thursday that Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the Maersk Deliverer (UDW semisub) expiring in June 2015 by two years. Mærsk Deliverer has since 2012 been working for Chevron and its partners on the Tombua Landana field offshore Angola. With the contract extension the rig will be on contract until June 2017. The estimated revenue potential from the two-year contract extension is.... Read more »

Posted on : Saturday , 18th October 2014

Nigeria: FG to Spend N1 Trillion on Petrol Subsidy in 2015

    The Federal Government is to spend the sum of N971 billion to subsidise the supply of petrol to Nigerians in 2015, an indication that the administration has no plan to do away with subsidising petrol.   In the same vein, the government plans to give out a total of N260 million to the Subsidy Reinvestment Programme, SURE-P, for intervention in various development agencies.   This is contained in the 2015-2017 Medium Term Expenditure Framework and Fiscal.... Read more »

Posted on : Friday , 17th October 2014

Nigeria: FG to Halt Importation of Petroleum Products By 2018 - - Aganga

The Federal Government will halt the importation of petroleum products into the country in the year 2018. The Minister of Industry, Trade and Investment, Olusegun Aganga, gave this hint in Ilorin, Kwara State, when he paid a pre-commissioning visit to the Steel Cold Rolling Complex of Kam Industries Limited.   According to him, a minimum of about $14 billion has been committed to the petrochemical sector by foreign and local investors the like of Indorama and Dangote, adding.... Read more »

Posted on : Friday , 17th October 2014

Mobius Motors to Introduce Rugged Vehicle in Kenya

Mobius Motors is preparing to launch its first production vehicle in Kenya known as the Mobius II, a vehicle designed for the rugged roads of Africa. The automaker is funding the initiative after raising financing from Richard Parsons and Ronald Lauder's Pan-African Investment Company (PIC). The investment will help Mobius complete its first production run of 50 Mobius II vehicles, and has scheduled production of the Mobius III for 2016. "The Mobius vehicles will create a.... Read more »

Posted on : Friday , 17th October 2014

Mercedes revs up battle for top spot in Kenya luxury car market

Kenya: Franchise managers have moved the race for a share of Kenya’s luxury car market a notch higher with increased investment and marketing. The franchise holders for Porshe — Multiple Group, which comprises Multiple Hauliers and RT East Africa — stoked the latest round of activity in the industry when they opened a showroom for the German automaker along Mombasa Road in Nairobi. Not willing to be left behind, DT Dobie, the franchise holder for Mercedes-Benz, last.... Read more »

Posted on : Friday , 17th October 2014

Imperial sets its sights on African cars

Imperial Holdings is expanding its motor vehicle business into Africa as part of a strategy to reduce the impact of volatility of the rand and cyclicality of the South African new vehicle market on the financial performance of the listed transport and mobility group. Manny de Canha, the chief executive of the Associated Motor Holdings (AMH) subsidiary, confirmed it had plans to replicate its vehicle business in Africa and had already started this process by securing the vehicle.... Read more »

Posted on : Friday , 17th October 2014

Mart Resources restores pipeline, to boost Forcados exports

    Mart Resources and co-venturers, Midwestern Oil and Gas Company and SunTrust Oil Company has confirmed completion of repairs on the damages Umugini pipeline in Rivers State.   The partners in a statement issued at the weekend, stated that the 51-kilometre Umugini pipeline tie-in at the Eriemu flow station and other start-up activities have been successfully completed with required line fill process to ship oil to the Trans Forcados crude oil pipeline and export.... Read more »

Posted on : Thursday , 16th October 2014

Hyundai heavy-duty truck range may be introduced onto SA market

 Hyundai Automotive South Africa (HASA) is evaluating the viability of introducing the heavy-duty Hyundai Xcient truck range onto the South African market, says HASA commercial vehicles director Wade Griffin. The market study should be completed towards the end of the year, he adds.  “The rand : dollar exchange rate is not favorable at the moment.” Griffin says the right-hand-drive version of the Xcient is already available from the South Korean car-.... Read more »

Posted on : Thursday , 16th October 2014

Industrialization: East Africa's challenges are its opportunities

 President Paul Kagame yesterday addressed the Global Business Forum in Dubai hosted by the Dubai Chamber of Commerce and Industry. The event was organised under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, UAE vice-president and and ruler of Dubai. As the region’s largest African economic event, the forum brought together seven 700 government and business leaders for a two-day discussion aimed at strengthening economic ties between the Middle East and.... Read more »

Posted on : Thursday , 16th October 2014

Tanzania: Laying foundation for Industrialized Growth in Africa

 TANZANIA, like many other developing nations, is on the route to build a robust manufacturing sector to increase its contribution to growth and prosperity of the people. Despite being small and in its nascent stages, Tanzania's manufacturing sector has a big potential to create jobs in the rural and urban areas but with an increased investment. This is part of the speech by the Prime Minister Mizengo Pinda to the Chief Executive Officers roundtable conference read in the city.... Read more »

Posted on : Thursday , 16th October 2014

Emirates Airlines, World s Largest Carrier Targets 40% Operational Growth In Africa

Emirates, the world’s largest carrier by international traffic, says it would expand its operation in Africa by more than 40 percent in the next decade. This is in line with the airline’s 10 years growth plan which includes investment expansion as well as the provision of critical links to emerging markets globally. Dubai, Emirates base, serve as the fastest route from Africa to Asia – a major trade partner with sub-Sahara Africa. The airline has since become the.... Read more »

Posted on : Thursday , 16th October 2014

Kenya: Naivasha Power Plant Complete

Work on the 140mw Olkaria IV power plant, Naivasha, is complete.   The plant will be commissioned on Friday by President Uhuru Kenyatta.   Energy Cabinet Secretary Davis Chirchir said the area is already producing 210mw of the expected 280mw.   He said the 210mw has been pumped into the national grid from Olkaria I and IV power plants ahead of the commissioning.   The CS said plans are underway to replace diesel power as it is expensive.   "We.... Read more »

Posted on : Wednesday , 15th October 2014