Sudanese Energy Company to Resume Ethiopian Supply

Feb 10 , 2024


Ethiopian Petroleum Supply Enterprise(EPSE) and Nile Petroleum Corporation signed a Memorandum of Understanding to resume the supply of Liquefied Petroleum Gas(LPG) at the Hilton Hotel on Menelik II Ave after a protracted break. Nile used to also supply Bezene for the EPSE, which is a part of the country's sovereign wealth fund, Ethiopian Investment Holding(EIH), until conflict broke out in Sudan last year. The Sudanese Energy company is set to resume the supply of LPG, which was stopped due to foreign currency shortages and pervasive security problems. Esmelalem Mehretu, CEO of EPSE, indicated the significant contribution of the MoU with Nile in decreasing deforestation and minimizing the escalation of household energy costs. "We will begin imports as soon peace is restored," noted Esmealem. The agreement between the two enterprises requires around two million dollars in four months to effectively meet local demand. LPGs, which are primarily used in households for cooking and heating purposes, are composed of either propane or butane alone or a mixture of the two.


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