Simba Corporation in Sh161m vehicles supply deal
Simba Corporation, owners of auto dealer Simba Colt Motors, Thursday got a boost from a Sh161 million order for 46 Mitsubishi staff vehicles by Vivo Energy — which trades in Kenya as Shell.
The acquisition of the SUVs (worth Sh3.5 million per unit) is on an operating lease arrangement. The deal, signed Thursday in Nairobi, will see Shell access a four-year tailor-made vehicle leasing deal and an eight-year lubricants supply contract.
“Faced by a desire to minimise transport costs, leading local companies and public sector institutions are fast turning to leasing solutions that are proving to be cost effective,” said Polycarp Igathe, the Vivo Energy Kenya Managing Director, during announcement of the deal.
Oil explorer Erin secures contract extension
Erin Energy, an oil exploration company that has interests in Lamu Basin, has been given permission by the government to proceed to the next stage of exploration which will include drilling an exploration well by the end of 2017.
The company has four blocks that are located in the Lamu basin and has finished the first stage of work on its onshore blocks.
Erin was also supposed to have finished the first phase of exploration work on its offshore blocks by August 8 but requested the energy ministry to give it a two-year extension.
Nairobi investors now eyeing Coast
Nairobi-based real estate and equity firms have expressed interest in investing at the Coast, a market that has in the recent past been shunned by investors due to security concerns.
Fusion Capital, a real estate developer and financier, and private equity firm Cytonn Investments, are some of the companies that are putting their money in the coastal region.
While Fusion has competed the first phase of a Sh1.3 billion project, Cytonn intends to invest Sh5 billion in a number of properties including apartments, shopping malls and residential housing.
Kenya edges closer to adoption of nuclear power
You may soon begin using power generated from nuclear sources as Kenya engages speed gear in the establishment of a nuke plant.
The plan is set to diversify Kenya's electricity generation mix.
An 11-member team of experts from the International Atomic Energy Agency are in Nairobi for feasibility analysis on critical areas on the investment and advise the country accordingly.
Energy and Petroleum Principal Secretary Joseph Njoroge said the country’s population was growing fast and the available energy sourcing options were fast depleting hence the decision to go nuclear.
