Ministry Avails Mining, Petroleum Sites

Jan 3 , 2021


The Ministry of Mines & Petroleum announced that it has opened 22 mining and five petroleum sites for investors. It also availed laboratory, drilling and refinery services as potential investment areas. The potential investment areas, which have passed the exploration stage, include deposits of iron ore, gold, phosphate, potash, marble, coal, gemstone, limestone, chlorine and sodium chlorine among others. The Ministry has been working in collaboration with the relevant institutions to create a conducive environment for investors by amending policies and laws that hinder the development of the sector, according to Takele Uma, the minister. Identified petroleum potentials in the Ogaden, Gambela, South Omo and Rift Valley areas are also open for exploration, concessions and negotiations. The Ministry had recently issued 10 mining licenses to seven companies with investments valued at a total of 258 million Br. Seven of the licenses are issued for exploration, while the rest are for production.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email