Al-Futtaim Acquires Major Shares In Kenyan Automobile Business
Dubai’s Al-Futtaim Group now holds majority shares in Kenyan automobile retailer, CMC Holdings Limited after 91 percent shareholders accepted its 7.6 billion shilling ($87.91 million) offer for its 533 million shares.
CMC, which distributes Ford, Mazda, Suzuki and Volkswagen vehicles among other brands is a key player in East Africa automotive industry. The successful acquisition of the CMC group represents Dubai-based Al-Futtaim’s first venture into the sub-Saharan and Eastern Africa regions.
Read more: Al-Futtaim Acquires Major Shares In Kenyan Automobile Business
Nigeria commits to increase gas supply to Ghana
The Nigerian government has expressed commitment towards a continuous supply of gas to Ghana to operate her thermal power plants.
Top officials of the West African oil giant made the commitment at crunch meetings held with Ghana’s Minister for Energy and Petroleum, Emmanuel Armah-Kofi Buah, on Tuesday March 18, 2014.
The Energy Minister, accompanied by the Chief Executive of the Volta River Authority, Mr. Kirk Koffie, went to Nigeria Monday for discussions with suppliers in a bid to boost gas supply to Ghana.
As part of the media update on the current power situation held on Friday March 14, 2014, the Ministry claimed that one of the causes for the load management exercise being carried out by the Electricity Company of Ghana was because of the erratic and very low levels of gas supply from Nigeria resulting in Ghana unable to power its thermal Power plants to full capacity.
Indaba told to develop SA’s gas market
South Africa’s energy sector should focus on developing a market for gas, despite speculation on whether the country has shale or off-shore gas within its own borders or not.
This is according to the gas industry experts speaking at the Africa Energy Indaba in Sandton yesterday.
South African Oil and Gas Alliance (Saoga) CEO Ebrahim Takolia said: “Currently, the primary energy demand from gas in South Africa is 2%.
“Even if there is no gas in South Africa, the gas market should still be developed.â€
Exciting Times Ahead For SA Oil, Gas Industry
It was announced recently that Total intends to sell its South African coal assets and step up its exploration for oil and gas in South Africa. This announcement is of interest for a variety of reasons.
Until the recent advent of the shale gas saga, South Africa's potential oil and gas reserves were always considered insignificant compared with the country's other non-renewable resources.
From a historical perspective, after almost a quarter of a century of sporadic and fairly amateur terrestrial oil exploration efforts that unearthed only negligible accumulations, the government resolved in 1913 to heed the calls of the public and to obtain the views of the best available overseas expert.
