Ethiopian Oil Company Mulls China Poly Equity Deal on Gas Finds

Ethiopian Oil Company Mulls China Poly Equity Deal on Gas Finds Ethiopian Oil Company Mulls China Poly Equity Deal on Gas Finds

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.”

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