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    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

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Tanzania: Nigerian Firm Eyes 1.4trn/ – Power Project in Dar

bycitibusinessnews
September 30, 2016
in Africa, West Africa
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Nigerian company, Egbin Power Plc, has expressed interest to invest 630 million US Dollars (about 1.4trn/-) in construction of a natural gasfired power plant in Tanzania.

The major boost to the country’s power generation is the newest public-private partnership project expected to turn around the energy sector in the East African nation.

Speaking to Tanzanian journalists on a five-day tour of Nigeria yesterday, the firm’s Chief Executive Officer, Mr Dallas Peavey, said the construction of the plant is expected to commence anytime after the company, under Sahara Group, has inked the investment pact with the host government.

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“We plan to set-up two plants, each generating 450 MW….all we are awaiting now are the government approval and Tanesco’s (Tanzania Electric Supply Company) proposal,” he stated.

The key pending issues so far include the plant specifications and the specific location to build the plant. The company management has already visited Dar es Salaam six times, holding talks with senior government officials, including the Prime Minister, Mr Kassim Majaliwa.

Other officials met are Finance and Planning Minister, Dr Philip Mpango, Energy and Minerals Minister, Prof Sospeter Muhongo and TANESCO Managing Director, Mr, Felchesmi Mramba. According to Mr Peavey, the investment, if approved, will take 12 months to complete the first phase.

“We are interested in power generation. We have the expertise and experience from our operations in the United States of America, Argentina, Africa and Europe,” he stated.

The CEO, however, decried the government sluggishness in approving the project.

Media reports have it that following the government’s intention to revive industries as the engine of economic growth, there was an initial bidding for power generation early this year. In the bidding, three firms were shortlisted, but to the government disappointment, two of the firms lacked experience in the power sector.

The ‘Daily News’ could not independently verify the claims, but has learnt that the government considers overhauling its energy sector to accommodate spiraling demand for affordable and reliable power.

The Lagos-based power company said the funds was available for the Dar es Salaam project, hinting that it had also appointed Engineering, Procurement and Construction (EPC) company to execute the grand project.

Egbin Power Plc, a subsidiary plant of the Nigerian based Sahara Group, runs a 1,320 MW natural gas-fired independent power plant. The acclaimed largest plant in Western and Sub-Saharan Africa was acquired from the federal government in 2014.

The over 700 million US dollar deal has seen the group injecting an additional 400 million US dollars to turn around the dilapidated plant, which at time of acquiring it was producing less than 300 MW.

–

Credit: All Africa

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