Tanzania’s large Oil & Gas company, Swala Tanzania Plc, has regretted announcing that it has started its liquidation process. Following the meeting of its creditors, who represent approximately 75% of its creditors, the meeting Mar 31, 2023, resolved that the Oil and Gas firm should be placed in liquidation. Swala Oil and Gas (Tanzania) plc...
The construction of the East African Crude Oil Pipeline (EACOP) has been challenged in court by the Kampala-based Centre for Food and Adequate Living Rights and three other organizations. The 1,445-kilometre pipeline, which runs from Hoima in Uganda to Tanga in Tanzania, is being contested because it is environmentally unsound and violates the East African...
De-dollarization is an increasingly important issue in the global economy, with a growing number of countries seeking to reduce their dependence on the US dollar. There are several reasons why de-dollarization is essential, including concerns about the stability of the US dollar, the desire to reduce dependence on the US economy, and the need to...
According to the latest International Monetary Fund (IMF) World Economic Outlook report, East African economies are facing challenges in their growth projections. While Tanzania’s growth projection for 2023 remains unchanged at 5.2 percent, Kenya’s projection has been revised upward from 5.1 percent to 5.3 percent. However, the IMF has downgraded growth projections for Rwanda, Uganda,...
Elsewedy Electric is in the process of making Tanzania its main hub for the production of some of its main products, including transformers and electric cables. Speaking at the factory during the permanent secretary for Investment visit, the Managing Director of Elsewedy Electric Tanzania Eng. Ibrahim Qamer said, “we are committed to ensuring Tanzania feeds...
The Tanzania Investment Centre (TIC) registered 41 projects worth $339.2 million last month being 128 per cent increase as compared to 18 projects registered in February 2022. Out of 41 projects registered in February 2023, 34 per cent are fully owned by Tanzanians while 42 per cent are fully owned by Foreigners and 24 per...
Tanzania Petroleum Development Corporation (TPDC) has given the go-ahead to 20 companies to build Compressed Natural Gas (CNG) stations as part of a larger initiative to deliver cleaner and more affordable energy. TPDC’s Oil and Gas director Dr. Wellington Hudson disclosed this during a news conference here yesterday. He stated that some companies are entirely...
The number of mobile money transactions rose from 378.3 million In November 2022 to 410.7 million In December 2022 with its value similarly rising to 13.88trn/- from 12.86trn/- recorded in November according to the latest Tanzania Communication Regulatory Authority (TRCA) report. According to the report, Vodacom still commands the larger market share accounting for 39%...
The government is set to start importing fertiliser from Tanzania in July in a bid to enhance agricultural output and decrease the cost of food production, according to Agriculture and Livestock Development Cabinet Secretary Mithika Linturi. During a visit to Itracom, the manufacturer of Fomi fertiliser in Tanzania, the CS noted that by importing fertiliser...
The government yesterday signed a Memorandum of Understanding (MoU) with a United Arab Emirates (UAE) firm for the construction of petroleum receiving and storage infrastructures. The deal was signed by the Ministry of Energy and representatives of the UAE-based Emirates National Oil Company Group (ENOC). The decision aims at making Tanzania a petroleum hub in...