Beer Is Much More Than Just A Refreshing Drink. 

In a tender involving global giants such as Total and China National Offshore Oil Corporation (CNOOC), Russian Rostec wants to set up the first oil refinery in the fast growing market of Uganda, one of the most business-friendly places in Eastern Africa.

The subsidiary of  Russian state corporation Rostec - RT – Global Resources -  will partner the VTB Capital, while Tatneft will take over the operational role.  

Preliminary estimates suggest the cost of the country’s first oil refinery to be built in the city of Hoima will be around $3 billion, the Izvestia paper reports.

The Ugandan oil market is growing 10 percent annually. It’s one of the most politically-stable countries in Eastern Africa, with not local conflicts or warring neighbors, the paper quotes Karen Simonyan, the President of the Russian-African fund to support science, culture and business cooperation. Production from the refinery will go both to internal and external markets, which don’t have any refineries. Because the country is landlocked the oil products will carry a premium. 

According to the tender 40 percent of financing will be provided by Uganda, while the company that wins will be responsible for the remaining 60 percent. More than 50 international bidders are interested in developing the refinery. The results of the tender will be announced in 2014, while construction process will commence in 2015, according to Daily Monitor.

New exploration will also take place at Alberta Lake that has estimated reserves from 6 to 8 million barrels of oil. The refinery is expected to provide 1.5 million tonnes of products a year by 2017, which will almost completely cover Ugandan needs. By 2020 production at he plant is expected to double.

Investment from Russia will be less than $1 billion, according to Andrey Korobov, the General Director of RT – Global Resources,Izvestiya reports. The consortium aims to recoup the money spent on the project in a short time due to the high oil price.

Rostec considered 25 companies as major rivals, including those from the UK, US and China. The main criterion for Uganda is the construction time. Ugandan representatives have only visited Russia to talk about the proposed agreement.

(Russian oil looks to Africa: Rostec bids for first $3bn Uganda refinery via rt.com)

Kenya’s drugs regulatory authority the Pharmacy and Poisons Board of Kenya (PPB) and TradeMark East Africa (TMEA) have launched a new e-portal that will enable the pharmaceutical industry’s stakeholders to access trade and drug retention services online.

The system will enable importers of medical drugs to make their orders online and make electronic payments as well. The government expects the new system to boost the pharmaceutical sector by easing access to services provided.

Let’s close out 2013 with this: The 20 smartest things Jeff Bezos has ever said. (You’re welcome.) http://www.fool.com/investing/general/2013/09/09/the-25-smartest-things-jeff-bezos-has-ever-said.aspx#.Ur5ADWRDvRc

The Kenyan middle class is an emerging demographic in need of hospitality and food services. Hellofood is a business venture originating out of Berlin’s Rocket Internet e-business incubator. The business has grown to several countries including Ghana, Senegal and Morocco.

“You need to...

Northwestern University unveils some shiny, new design proposals for the former Prentice Women’s Hospital site on its Chicago campus.

Designs submitted by Goettsch Partners and Ballinger, Perkins & Will and Adrian Smith & Gordon Gill Architecture and Payette made the final three and now the university wants feedback.

So, tell us: Which design do you like best?

KKR & Company Named Top Dividend Stock With Insider Buying and 8.80% Yield (KKR)

In this series, we look through the most recent Dividend Channel ''DividendRank'' report, and then we cherry pick only those companies that have experienced insider buying within the past six months. The officers and directors of a company tend to have a unique insider's view of the business, and presumably [...]

KKR was named the top Dividend stock by Forbes. They also recently brought General David Petraeus on to head up their Global Division 

TRADING STOCKS: Making Easy Money In Minutes

A serious alternative to the dollar is still a long way off, but the latest shenanigans on Capitol Hill have given the search for them renewed momentum

All great empires – from the Greek, to the Roman, the Spanish and the British - have at their heart a dominant means of exchange which is very much part of their political and social hegemony. Once upon a time, it was Roman coinage which was the world’s pre-eminent currency. In more recent times it was the British pound. Today, it’s the US dollar to which international investors flock as a safe haven for their money. Highly liquid and apparently reliable – until recently at least – nothing else comes even remotely close to the greenback’s dominant position in the international monetary system.

Continued

Election Day: What’s at stake at the polls

(Photo: Andrew Gombert / EPA)

Elections in Virginia, New Jersey, New York City and even Alabama could provide nationally resonant lessons for Republicans and Democrats alike.

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