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

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email