Ethiopia, Chinese Firm Ink Gas Commercialisation Deal

Apr 25 , 2020


[ssba-buttons]

The Ministry of Mines & Petroleum and the Chinese POLY-GCL Petroleum Investment have signed a gas commercialisation agreement, which will ensure the planned fertiliser plant in Dire Dawa is supplied with ammonia. The agreement, which was signed on the premises of the Ministry on April 24, 2020, grants POLY-GCL the right to commercialise four trillion cubic feet of gas for both the local and international markets. Half of the gas will be supplied to the fertiliser plant, which Morocco’s Office Cherifien des Phosphates (OCP), the world’s largest phosphate exporter, and the state-run Chemical Industries Corporation agreed to build in Dire Dawa for 3.7 billion dollars. The agreement was signed four years ago. The remaining will be made available to the international market through a pipeline stretching from Ethiopia to Djibouti and later converted to liquified natural gas (LNG) at a natural gas processing plant to be built in Djibouti. POLY-GCL has been extracting natural gas at Calub, Hilala and Shilabo sites in the Ogaden area in the Somali Regional State. The plant is expected to convert 215 million cubic feet of natural gas to LNG daily. The project is expected to generate six billion dollars over 20 years. The area has a reserve of eight trillion cubic feet of gas.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...