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Aluto-Langano Geothermal Project Receives Drilling Equipment

May 8 , 2021

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The second set of 1,500hp geothermal drilling rigs independently developed and manufactured by Shandong Kerui Petroleum & Gas Equipment Co. was recently delivered to the Aluto-Langano geothermal power station expansion project in central Ethiopia. As the first 50D mating drilling rig and first geothermal energy development project of Ethiopian Electric Power (EEP), it is the country's largest investment in the geothermal energy sector. The power plant is expected to generate 70MW upon completion. Kerui Petroleum & Gas is an international comprehensive industrial group providing high-end oil equipment, oil and gas field technical services, and engineering services to the global oil and gas industry.

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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...

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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...

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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...

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