Ethiopian Mineral, Petroleum and Biofuel Corp. is discussing a partnership with a unit of China Poly Group, the first of a series of deals with foreign investors it’s planning to exploit natural-resource deposits in the country.
State-owned EMPBC, established earlier this year, plans to take minority stakes in extractive operations as one of Africa’s fastest-growing economies strives to become globally competitive in the resource industry, Chief Executive Officer Mulugeta Seid said. Poly-GCL Petroleum Group, part owned by China Poly, plans to spend $4 billion developing gas deposits in the east of the country, according to the company.
“We’ll invite international companies to work with us,” Mulugeta said in an interview Oct. 19 in Addis Ababa, the capital. “We will be the commercial partner of the international companies on behalf of the government.”
3915 Views Comments
Louvres Hotel Group, number one hotel group in East Africa, signed its 3rd hotel in Ethiopia, pursuing the expansion of an ambitious network covering sub-Saharan
5834 Views Comments
Safaricom has denied reports of the company entering into the Ethiopian market. The Kenyan telco had been said to be gearing up for its first venture
3955 Views Comments
Flying even more greener; Ethiopian Airlines Group, the largest airline in Africa, is pleased to announce that it has fully digitalized all its business processes