Global Corporation Sumitomo Invests in Tanzania

As Tanzania eagerly tackles energy issues and pushes to alleviate power problems in the country, the signed agreement between Tanzanian government and Japan-based Sumitomo Corp to construct a 240MW gas-fired power plant comes as a significant boost to energy in Tanzania.

The Tanzania President’s Office said Sumitomo will construct the 414 million USD plant on the outskirts of Tanzania’s capital city Dar es Salaam.

The project will be implemented by Sumitomo Corp jointly with other corporations such as Nippon Export and Investment Insurance, Japan Bank for Innternational Corporation and Sumitomo Mitsui Banking Corp.

Tanzania’s per capita energy consumption of 46/KWh per annum is growing 11-13% thus the Tanzanian government favours investment to expand its energy sector and develop the indigenous sources of power.

Sumitomo Corp is a diverse corporation and one of the largest global trading companies headquartered in Tokyo, Japan, its involvement in Tanzania’s energy sector is set to solve the country’s power issues, resulting in an efficient business environment for all sectors and smoother running of one of East Africa’s fastest growing economies.