One of the Largest Edible Oil Plants Goes Operational

Feb 6 , 2021


[ssba-buttons]

PhiBela Industrial Complex, a subsidiary of Belayneh Kinde Business Group, has inaugurated an edible oil refinery with a capacity to produce 1.5 million litres of edible oil a day. The factory, which rests on a 30ha lot, was built in Bure city, an area located in West Gojjam, Amhara Regional State, more than 400Km away from Addis Abeba. Built at a cost of 4.5 billion Br, the industrial complex incorporates a sesame oilseed processing plant, a detergent manufacturing factory, and a vegetable butter, margarine and plastic container factory. The sesame oilseed plant has the capacity of producing 200tn of sesame oil a day, while the detergent factory produces 96tn  of detergent a day. The complex is expected to employ 3,000 people. Belayneh Kinde Business Group was established in the 1990s and engages in import and export, transport, construction, hotels, transit and agriculture.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses today, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payments. The bank...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...