Latest African business news, economy, corporate, markets updates

Nigeria: Govt Borrows N300 Billion for Electricity Transmission

The federal government has borrowed a total of $1.9bn (N300 billion), as part of electricity transmission expansion capacity.

The funding came from various sources as part of the target to meet the 20,000mw transmission capacity in the year 2020, records indicated.

Daily Trust gathered that so far $4 billion (N647.6bn) was generated by government out of the $16 billion (N2.6 trillion) target to achieve the 20,000 mega.... Read more »

Posted on : Wednesday , 27th August 2014

Kenya: East Africa Spectre Seeks Clearance for LPG Factory

A company linked to the Odinga family plans to set up an LPG filling and oil depot at Nairobi's Embakasi area as demand for cooking gas rises.

Demand for the liquefied petroleum gas in the country is expected to increase steadily and several firms in the oil and gas industry have recently embarked on building inland LPG filling depots to capitalise on the projected boom.

In a notice published Friday in the Kenya Gazet.... Read more »

Posted on : Wednesday , 27th August 2014

Tanzania: Coal Mine to Last Century Producing 300MW

Ngaka — THE government has been assured that Ngaka coal mine reserves can serve the country for more than 100 years producing 300KW of power and other commercial needs.

Permanent Secretary in the Ministry of Energy and Mineral, Mr Eliakim Maswi, was told that the projection was drawn from the 423-million tonnes of coal resources the mine has.

Tancoal.... Read more »

Posted on : Wednesday , 27th August 2014

Kenya looks into establishing oil and gas industrial parks

As East Africa potential to become a major global oil and gas producer continues to attract international investors Kenya is already looking into establishing Oil and Gas Industrial Parks and Support Bases.

According to a presentation by the National oil corporation’s managing director Sumayya Athmani during the stakeholder forum for oil and gas in June the plans that are an infancy stage include a supply base to support offshore operations that are happeni.... Read more »

Posted on : Tuesday , 26th August 2014

Smaller firms will lead East Africa's oil and gas development

* East Africa's huge gas reserves a big lure; proximity to Asia attractive

* Smaller explorers set to kick start development

* Majors cut investments as margins squeezed

Smaller oil explorers willing to take financial and operational risks will lead the development of East Africa's oil and gas industry as majors ditch riskier projects as margins fall, executives from several oil and gas .... Read more »

Posted on : Tuesday , 26th August 2014

Nine Energy Transmission Projects worth US$4bn Identified in Southern Africa

Nine energy transmission projects valued at above US$4bn have been identified in the Southern Africa region for promotion and marketing. These nine projects are in different stages of development according to the report released in the 34th Summit of SADC in Victoria Falls in Zimbabwe.