One of Ethiopia’s public enterprises, Ethiopian Mineral, Petroleum and Biofuel Corporation (EMPBC), has gone operational after being established with a capital of 15 billion Birr.

The Corporation is tasked with exploring, producing and selling fuel, mineral as well as biofuels. “This huge Corporation was established because the explorations conducted over the past 40 years on Ethiopia’ fuel deposit were promising, “Mulugeta Seid, Corporation’s Chief Executive Officer (CEO), explained.

Mulugeta added that the corporation currently undertook preparation work to make further study on mineral, petroleum and biofuel resources Ethiopia has. It has also hired staff.

The Corporation purchased equipment it needs to engage in the works it aims to be involved in, the CEO added. In addition to this the Corporation would form a joint venture with the companies working in gas exploration, the CEO explained.

According to Fana Broadcasting Corporate, the Corporation is established in the aim of achieving the country’s second Growth and Transformation Plan (GTP II).

Source: Fana Broadcasting Corporate