New Age Ltd assesses exploration well potential

New Age Ltd
By Kaleyesus Bekele Addis Ababa, Ethiopia - The British company that is prospecting for oil in the Ogaden basin, New Age Ltd, is assessing the oil and gas potential in the well it recently drilled. The well-dubbed El Kuran-3, in the Somali region of Ethiopia, has reached a total depth of 3,528 meters. Experts of New Age have noted oil and gas flows in the well. The experts are now trying to identify...

For the love of one’s country

Tedros Adhanom Ethiopian Diaspora
Ethiopian diaspora invests over 22.3 billion in two decades By Yohannes Anberbir Addis Ababa, Ethiopia - Despite failure to meet expectations, the gross total investment outstanding that the Ethiopian diaspora community have brought back home is reported to be in excess of 22 billion birr since the ruling Ethiopian Peoples’ Revolutionary Democratic Front (EPRDF) came to power. However, only...

Ethiopia-Indonesia Trade Exchange Grows Fivefold

Ambassador Ramil Saud
Addis Ababa, Ethiopia –  The annual trade exchange between Ethiopia and Indonesia has jumped from 70 million USD to 350 million within the last three years, the Indonesian Ambassador in Ethiopia said. Ambassador Ramil Saud said significant progress in trade and people-to-people relationship was registered during the past three years. The fivefold growth in trade confirms that, he added. Pea,...

Ethiopia’s Chickpea Industry Sees Boost by Large-Scale Initiative

Guts Agro Industry
Addis Ababa, Ethiopia - A Guts Agro Industry initiative means that Ethiopia’s staple Shiro dish will soon be pre-packaged and available in supermarkets and shops after the company secured 66,000 dollars in funding from USAID. Shiro, made from roasted ground chickpeas, has long been produced by Ethiopian businesses relying predominantly on traditional methods. Guts, a 20 million Br factory, currently...

Ethiopia is Growing Fast, But not as Fast the Government Wants

GTP
With only one year to go before the expiry of the Growth & Transformation Plan (GTP), Members of Parliament expressed concerns about the failure to trigger economic structural transformation when the Plan’s implementation performance for the year 2012/13 was presented to them on Thursday, April 10, 2014. Discussion was dominated by problems related to export performance and limited resource...

Polish billionaire shows interest in Ethiopia

Jan Kulczyk
Addis Ababa, Ethiopia - Poland’s richest man, Jan Kulczyk (Ph.D.), founder and owner of Kulczyk Holding SA (headquartered in Warsaw) and international investment house, Kulczyk Investments with headquarters in Luxembourg and offices in London, Kiev and Dubai, came to Ethiopia this week and met with Prime Minister Hailemariam Desalegn and officials from the African Union. With an estimated net...

Brazilian Drought Brewing Ethiopian Coffee Resurgence

Ethiopian Coffee Resurgence
Addis Ababa, Ethiopia – Lema Edito & Sons Coffee Producer & Exporter S.C owns a 128.5ha plot of land in Limu Genet in the Jima zone of Oromia, on which it cultivates coffee. The company has been in the coffee business since 2000, according to Wondessen Lema, its general manager. The share company harvests 10qt to 12qts of coffee a hectare once a year from its farm. In its 14 years of...

IMF recommends sugar, logistics be open to foreign investors

Jan Mikkelsen IMF
Addis Ababa, Ethiopia - The International Monetary Fund (IMF) recommends that Ethiopia expand its private sector. Jan Mikkelsen, the IMF resident representative to Ethiopia, who met with selected journalists on Wednesday April 2, said that the government should support  the private sector financially and promote domestic savings by activating a securities market with flexible interest rates. He...

Melange Coffee Roaster, a New Player in the Market

Melange Coffee Roaster
Addis Ababa, Ethiopia - A new coffee roasting company hoping to expand the value added export market was inaugurated on Thursday April 3. Melange Coffee Roasters Plc established by two Ethiopian investors has been roasting and grinding coffee for the past several months. Yet, they have received 5,000 tones of orders from Europe and Asia and other countries. So far they have invested three million...

Tullow to start drilling third exploration well

Tullow Oil
By  Kaleyesus Bekele Addis Ababa, Ethiopia - The British oil company  in Ethiopia, Tullow Oil, is to start drilling its third exploration well in Southern Ethiopia. Previously, Tullow has drilled the Sabisa-1 and Tultule-1 in the South Omo Block. Oil and gas shows were noted in the first well while the second well was abandoned as a dry hole. The third well will be drilled in the Chew Bahir basin,...
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