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Monday, 29 September 2014

NORWEGIAN FIRM SETS ASIDE $2.5BN TO BUILD GAS, OIL PLANTS

A Norwegian company Yara International is analysing business environment between West and East Africa to build a gas plant once gas projects come on-stream.

According to Yara Tanzania managing director Pal Oystein, $2.5billion for the construction has been set aside ready for investment once the site where the plant will be built has been identified.
“Both regions are endowed with either gas or oil, and so we have to establish a good environment before we commence construction,” he said.
Currently, Yara is in talks with governments of Tanzania, Angola, Ghana, Nigeria and Mozambique over building of a world class urea factory to produce for African and foreign markets.
Nigeria is the largest oil producer in Africa followed by Angola, which has already warned that it will not reach an output target of 2 million barrels a day next year because new projects will be too late to boost declining flows.
“The aim of Yara is always searching for opportunities to grow its business. Natural gas is the most important raw material in Yara’s production, so the exploration of resources taking place in several African countries is a natural opportunity for Yara to examine. It is, however, too early to say if and where this will materialise,” he said.
He said while the development of gas in any country depends on infrastructure, investment in food production needs modern technology, which comes in form of fertiliser.
Mr Osytein said Yara is currently investing in African countries specifically in fertilizer production to boost agriculture sector.
According to Mr Oystein, in the next three to five years, Yara will also spend $150,000 in production of cotton, maize and rice in the lake zone of Tanzania.
The East African

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