Africa:Total Investment Hits Over D4 Million

 The total investment  in 2014 has hit a staggering amount of more than D4M, according to its officials.   Most of the investment was focused on water supply, education, health, environment and conflict resolution, the Siffoe based youth-led organisation chairperson, Kalifa Kanteh, disclosed.   Speaking Saturday during the organisation's third annual assembly, he said their projects were divided into 12 core areas; all of which he said, have made positive life.... Read more »

Posted on : Tuesday , 6th January 2015

EU Provides €40 Million Grants to Support Trade, Investment, Industrial Development in Africa

 The ECOWAS Commission in Abuja, ECOWAS, West African Economic and Monetary Union (WAEMU) and the European Union, together with implementing partners has launched two major programmes representing an integrated initiative, which aims at promoting intra- and inter-regional trade, improving the business climate and strengthening the productive capacity of West Africa.   These initiatives are aimed at fostering economic growth and reducing poverty in the region.The support to.... Read more »

Posted on : Tuesday , 6th January 2015

Inchcape Shipping Services expands Nairobi office as East Africa production nears

Global marine, cargo and supply chain solutions provider  Inchcape Shipping Services (ISS) has announced another key hire to its African regional management team, as the company gears up for ambitious growth across the region in 2015.   Heading the team and to be based in Nairobi is Riaan Blom who takes up the position of Vice President Sales, Africa having joined the company this month.   Riaan has a spanning over 20 years brings to the role extensive ships’.... Read more »

Posted on : Tuesday , 6th January 2015

2015 continues to look promising for the oil and gas sector in Kenya

2015 continues to look promising for the oil and gas sector in Kenya with various planned projects expected to continue while new companies will begin work in the various acreages.   In our radar this January is the planned Badada-1 well in Block 9 located in the Anza basin which is expected to spud with the drilling contracts already awarded to Greatwall which will operate the GW-190 land rig while Aberdeen-based Norwell Engineering will manage the drilling.... Read more »

Posted on : Monday , 5th January 2015

Bitature woos Belgian investors to East Africa

 “We as a country have worked hard over the years to ensure that our future is stable by ensuring peace and security,” he said. Bitature, who is the chairman Simba Group of Companies made the remarks before the Belgium business community in Uganda at the second gathering of the Belgium Uganda Business Forum. The forum was held at the residence of the Belgium ambassador in Uganda. He said the private sector in Uganda, to which he asked them to join, is developed and.... Read more »

Posted on : Saturday , 3rd January 2015

Africa: Jubilee to acquire firms in expansion strategy

 “We expect to start operations in various countries from next year. Our approach will involve acquiring existing companies as well as starting new ones,” said the Company‘s Chairman Nizar Juma.   In an interview with Business Beat, Mr Juma explained that the company has already started the process of setting up companies in Ethiopia, DRC Congo, Mozambique, Madagascar, Senegal and Côte d’Ivoire in West Africa.   He said the company is.... Read more »

Posted on : Saturday , 3rd January 2015

Private sector upbeat on increased economic growth as 2015 unravels

 They welcomed the Government’s continued commitment to transforming the country’s infrastructure, mainly roads and installation of electricity. “This demonstrated guarantee will help reduce the cost of doing business and open up the country to quality investments,” Kenya Private Sector Alliance ( KEPSA) Chief Executive Officer Carol Kariuki said in a telephone interview. She said the business sector is expected to register high growth as the Government.... Read more »

Posted on : Saturday , 3rd January 2015

Uganda begins evaluations of bids for Hoima-Kampala pipeline

 The Ugandan government has announced that it has started evaluating bids from a number of international firms for the construction of the export pipeline from Hoima (refinery site) to Kampala (distribution terminal) stretching over 200 kilometers.   The companies will be charged with the responsibility of generating a blueprint for the route to be followed as well as carryout an environmental baseline study.   According to project manager Bashir Hangi the.... Read more »

Posted on : Friday , 2nd January 2015

Aminex receives approval to sell stake in Tanzanian licence

Aminex has announced that it would sell up to 13 per cent interest in the Tanzania’s Kiliwani North Development Licence (KNDL) to Solo Oil for US$7mn The company has received no objection from the Tanzanian Ministry of Energy and Minerals and said that the completion of the initial 6.5 per cent interest remained subject only to a formal deed of assignment being signed by all participating parties. Solo Oil and Aminex have agreed to extend the deadline on the purchase of the.... Read more »

Posted on : Friday , 2nd January 2015

Partners Hit Gas Onshore Mozambique

      Drilling of the Tembo-1 well on Mozambique’s Onshore Rovuma Concession has resulted in a natural gas discovery for Anadarko Petroleum (operator) and Wentworth Resources. The discovery was made in Cretaceous-aged sands. The Tembo-1 was drilled to a total depth of 4,553 meters and reached TD in Jurassic-aged sediments. Petrophysical analysis of the Cretaceous section indicates 11 meters of natural gas net pay. Natural gas and some condensate were recovered.... Read more »

Posted on : Friday , 2nd January 2015

Otto Marine announces sale and leaseback of one AHTS at US$100million

 Otto Marine Limited a leading offshore chartering group, which owns and operates more than 60 offshore support vessels globally, and also engaged in specialized shipbuilding, repair and conversion of offshore support vessels has announced that its shipyard division has sold an Anchor Handling Tug Supply Vessel to a renowned unrelated third party (the “Buyer”) for US$100 million.   DNV classed and Norwegian-designed, the VS491 21,000bhp AHTS is a hybrid.... Read more »

Posted on : Friday , 2nd January 2015

Seadrill to purchase ultra-deepwater drillship West Polaris

 Seadrill Limited has announced it has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited. The West Polaris was acquired by Ship Finance in 2008 and subsequently bareboat chartered to Seadrill with purchase options commencing in 2012.The purchase option price is US$456 million and total consideration payable to Ship Finance is US$108 million. The transaction will be executed as a purchase of.... Read more »

Posted on : Friday , 2nd January 2015