Market News| Africa Business News

Kenya: Nairobi-Mombasa petroleum pipeline set for rehabilitation

The 450km Nairobi-Mombasa petroleum pipeline, which was built in 1976, is set for rehabilitation after an audit revealed immense shortcomings that are compromising safety and performance. The aging pipeline has in the past, experienced raptures, hence compromising on reliability of movement of petroleum products from Mombasa to Nairobi. “The latest in-line inspection of the pipeline using the magnetic flux leakage.... Read more »

Posted on : Thursday , 12th February 2015

Oil, Gas and Chemical Industry advised to adopt cost culture to survive current environmen

With the recent fall-off in oil prices, companies in virtually all sectors of the oil, gas and chemicals (OGC) industry worldwide are going to have to plan and manage their projects for greater capital productivity, something they weren’t doing particularly well before the price-drop, and along the way create a “cost culture” inside their companies. That’s according to a new study, which includes a survey of 250.... Read more »

Posted on : Tuesday , 10th February 2015

Tanzanian market being weaned from leaded fuel

Energy and Water Utilities Regulatory Authority (Ewura) Director General, Mr Felix Ngamlagosi, and acting Director of Petroleum, Mr Gerald Maganga said in Dar es Salaam recently that the local market has still got sulfur enriched fuel with 5000ppm which will gradually be phased out “We still have stocks of sulfur enriched fuel products at our pump stations because its stocks were ordered in the past,” Mr Ngamlagosi.... Read more »

Posted on : Monday , 9th February 2015

Africa: a development hotspot in 2015

Content analyst at Infield Systems Limited, Catarina Podevyn, says Africa is expected to hold a 15% share of offshore capital expenditure over 2015, up 10%, led by developments offshore Angola. In West Africa, offshore Ghana and Congo will also see increasing expenditure, she adds. "Total's giant, the Egina development offshore Nigeria, is anticipated to be the single most capital intensive project offshore West Africa over 2015,.... Read more »

Posted on : Monday , 9th February 2015

Solo acquires Kiliwani North Development Licence in Tanzania

Solo has announced it has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence (KNDL) at a total consideration of US$3,500,000. The announcement follows prior statements in October and December last year where the company said it had signed binding heads of agreements and was awaiting the formal approval from the government Further, Solo and.... Read more »

Posted on : Thursday , 5th February 2015

Burundi commits to implement the EITI

The Government of the Republic of Burundi formally committed to implement the Extractive Industries Transparency Initiative, EITI Standard in a declaration published by Come Manirakiza, Minister of Energy and Mine on 20 January 2015 in Bujumbura. According to Manirakiza, Burundi hopes that this will increase transparency in the management of natural resources in the East Africa Community country. Natural resources, primarily.... Read more »

Posted on : Thursday , 5th February 2015

Oil, gas firms sign pact on Tanzanian asset

Aminex is an Africafocused UK oil and gas company with near term production, development and high impact exploration, premium listed on the London Stock Exchange and primarylisted on the Irish Stock Exchange. Solo Oil is an American oil and gas exploration firm with investments in Africa and other parts of the world. The recently signed agreement, however, still awaits formal approval by the Tanzanian authorities and the formal.... Read more »

Posted on : Thursday , 5th February 2015

Uganda: Oil, gas, minerals private sector fret at govt go-slow on VAT

Through the Uganda Chamber of Mines and Petroleum (UCMP), the private sector have consistently complained of value added tax (VAT) and withholding tax imposed during the investment phase of the oil, gas and minerals labeling it an additional cost. During a member’s meeting over the weekend, Elly Karuhanga, president of UCMP said after this tax is removed, investors will have no excuse not to come. “(the.... Read more »

Posted on : Wednesday , 4th February 2015

Oil prices rebound on signs of output cuts

Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52. It followed the release of data showing that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output. Meanwhile, US giant ExxonMobil reported a 21% fall in quarterly earnings on lower oil and gas production. Buying opportunity On Friday, data showed that more.... Read more »

Posted on : Wednesday , 4th February 2015

Kenya: Work begins on US$ 52m Nairobi pipeline terminal expansion

Kenya Pipeline Company’s (KPC)fuel terminal in Nairobi is set to undergo a US$ 52m expansion involving construction of a 450-kilometre pipeline to enable it hold extra petroleum products once the new Mombasa pipeline starts functioning in 2016. It will be completed within 24 months according to Jacinta Sekou, a KPC’s spokesperson. The construction, which also involves developing four storage tanks with a capacity of.... Read more »

Posted on : Tuesday , 3rd February 2015

Egypt engaged in talks on importing Israeli gas

Egypt is considering importing natural gas from Israel as a delegation from American oil firm Noble Energy has traveled to the North African country for talks over the issue, sources say. “Negotiations are underway about the amount of gas that can be imported,” an Egyptian Oil Ministry source said on Sunday, adding the talks were about the technical procedures for bringing Israeli gas into Egypt. Earlier in.... Read more »

Posted on : Monday , 2nd February 2015

The West's baloney about China-Africa cooperation

challenges that is faces today," said Macharia. "The West has been in Africa for a long time but has never made development of Africa's infrastructure as a priority." "The Western nations only develop infrastructure in Africa that helped to ship Africa's resources to the West," said Dr. Gerishon Ikiara, lecturer of international economics with University of Nairobi, and ex-Permanent Secretary with Kenya's.... Read more »

Posted on : Monday , 2nd February 2015