Poly GCL Petroleum Investment Limited, a Chinese firm, opened office in the capital of Ethiopia on Saturday, November 8, 2014. The office was innagurated by delegates from the Chinese Embassy and Ethiopian State Minister for Mines, Alemu Simye.

During the inaugural ceremony Alemu noted the Ministry issued license for 160 companies engaged in extraction of petroleum. Out of these, 39 of them are Chinese firms, according to the State Minister.

“We will have success in the project, with emphasis on mutual benefits and devoted support,” he said. He furthered, he has confidence in the implementation of the project for the company has the financial capacity as well as the potential.

It was back in November 2013 the Ethiopian Government concluded agreement with Poly GCL Petroleum Investment for the purpose of developing gas in South Eastern Ethiopia, Ogaden basin. Currently the company is conducting feasibility study, thus it cannot disclose the capital amount at this time.

Source: Fortune