Swala Energy signals possible Farm-Out deal in East Africa in coming days

 Australian company exploring the East African Rift System in Kenya, Tanzania and Zambia has said it is awaiting the receipt of signed farm-out documents having finalized the final steps in the agreement.   According to the Company’s Non-Executive Chairman Mr. Ken Russell  it is however still not possible to name the new partners due to confidentiality agreements until the receipt of those signed documents.   “In our market update issued on 14 May.... Read more »

Posted on : Thursday , 28th May 2015

Wentworth Proved Probable Reserves Reach USD 152.9 Million In Tanzania And Revenues Are Up By 15%

 According to Wentworth Q1 2015 results the company’s share of Proved + Probable (2P) reserves at the Company’s gas fields in Tanzania were valued at USD 152.9 million after tax at December 31, 2014.   The company’s revenue for the quarter reached USD 0.27 million, up 15% from Q1 2014.   The company press release indicates that new transnational gas pipeline and processing facilities are nearly complete with delivery of first gas anticipated to.... Read more »

Posted on : Thursday , 28th May 2015

Regional body tips Tanzania as next EA economic powerhouse

 Tanzania has high potential to become the economic powerhouse in the East African region given her natural wealth and strategic geographical positioning, but there are challenges to overcome before it can realise its potential.   This is the observation of the TradeMark East Africa, Chief Executive Officer, Frank Matsaert whose organisation is assisting East African Community (EAC) member states, Tanzania, Kenya, Uganda, Rwanda and Burundi to promote trade and.... Read more »

Posted on : Wednesday , 27th May 2015

Rwanda: Small traders call for tax cuts, funding in 2015/16 budget

 As government prepares to present its 2015/16 financial year budget estimates on June 11, small city traders expect Finance Minister Amb Claver Gatete to prioritise areas that will provide solutions to the challenges affecting businesses.   A number of small-and-medium enterprise (SMEs) operators interviewed by Business Times in a mini-survey conducted last week, say the government should review the tax regime and prioritise the production sectors of the economy in the.... Read more »

Posted on : Wednesday , 27th May 2015

Tanesco mulls more renewable energy projects

 Tanzania Electric Supply Company (Tanesco) Managing Director, Engineer Felchem Mramba, said although renewable energy technology is currently expensive but the future remains in exploiting wind and solar.   “Traditional energy sources such as gas and coal will be depleted over time but wind and solar will always be there,” Mr Mramba said after officiating at a World Bank sponsored Mapping of Solar and Wind Energy in Tanzania.   He pointed out that.... Read more »

Posted on : Wednesday , 27th May 2015

Chinese car maker setting up showroom in Namanve

Chinese car maker, Foton, is setting up a car show room and after-sales service centre worth $10m (about sh30b) at Namanve Industrial Park, in Mukono district. This was revealed last week by Chinese ambassador to Uganda, Zhao Yali, while handing over a donation of an executive van and partition screens to the acting minister of Foreign Affairs, Henry Okello Oryem, at the ministry’s headquarters in Kampala. Yali said Foton has already acquired land in Namanve and work is.... Read more »

Posted on : Wednesday , 27th May 2015

Kenya named among top Africas investment hubs

 Kenya has one of the best and favoured business climates in Africa, thanks to its enthusiasm in improving ease of doing business and initiation of huge infrastructure development projects to reduce cost of doing business. A new report released yesterday by the African Development Bank (AfDB) in Abidjan, Côte d’Ivoire, Kenya is among the top 10 destinations for Foreign Direct Investments (FDI) in Africa. This is after attracting investment worth Sh116.4 billion.... Read more »

Posted on : Wednesday , 27th May 2015

TANZANIA AIMS FOR BIG RESULTS WITH DAR ES SALAAM PORT EXPANSION

 The Tanzanian port of Dar es Salaam was once the most efficient in sub-Saharan Africa.   The performance of the port, which is the second-largest in east Africa, has slipped dramatically over the past 20 years.   Ships are often forced to wait to dock and the transit of goods through the port is slow. The World Bank estimates that trade costs are 60 per cent higher between Tanzania and China than between Brazil and China, despite the distance between the Latin.... Read more »

Posted on : Tuesday , 26th May 2015

Tanzania: REA Mulls Power to 1.2 Million Rural Residents By 2020

The Rural Energy Agency (REA) envisages supplying 1,250,000 rural dwellers with electricity in the next five years, thanks to about 900bn/- that the government has set aside to support the grand project. REA Chairman Edmund Mkwawa, releasing the agency report on implementation of rural energy projects in Dar es Salaam over the weekend, said the massive rural electrification project started in October 2013 and it is progressing well. The project involves construction of six.... Read more »

Posted on : Tuesday , 26th May 2015

Tanzania Gold Mine Production Increases By 8% In Q1 2015

Acacia Mining plc (LSE: ACA) who operates three gold mines in Tanzania has announced in its First Quarter Results 2015 that its gold production has increased by 8%. Brad Gordon, Chief Executive Officer of Acacia Mining indicated that the company has delivered steady production over Q1 2015, with 181,660 ounces of gold produced as compared to 168,375 ounces in Q1 2014. This is in line with the previous quarter and underpinned by continued strong production at North Mara mine, the.... Read more »

Posted on : Tuesday , 26th May 2015

Shell to add firepower to BG assets in East Africa LNG race

Royal Dutch Shell’s $70 billion takeover of BG Group Plc will put Europe’s largest energy company in the middle of East Africa’s race to export natural gas and is set to boost the chances of Tanzania becoming a major supplier. The acquisition would include stakes in three blocks off the coast that contain one-third of Tanzania’s estimated resource. This may give the East African nation an edge in the race to first exports of liquefied natural gas from the.... Read more »

Posted on : Monday , 25th May 2015

Tanzania announces One Million Solar Homes initiative

Commitments by the IFC, USAID, OPIC, Sunfunder, SNV and Off Grid Electric are expected to put Tanzania at the forefront of the U.S. Power Africa program. The Tanzanian national government has announced its One Million Solar Homes initiative aimed at providing a million Tanzanian homes with access to reliable solar electricity by the end of 2017. The project is expected to provide solar electricity for 10% of the nation’s population and generate more than 15,000 solar.... Read more »

Posted on : Monday , 25th May 2015