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Tullow Oil, a multinational gas and oil exploration company headquartered in London, said it has found indications of the existence of oil with its concessions in the South Omo Basin, Southern Regional State of Ethiopia.

The company, in joint venture with Africa Oil (30pc) and Marathon Oil (20pc), began drilling a well in its Sabisa-1 bloc last January, 2013. Add a comment Add a comment

Ethiopia's state owned Metals & Engineering Corporation (MetEC) contracted Beyo PLC  for the assembly and delivery of heavy duty construction machineries. Beyo has received 43.5 million Ethiopian Birr for the  delivery of six assembled LIEBHERR dozer, two weeks ago. Beyo is contracted to assemble  components manufactured by the German based LIEBHERR, according to the terms of the agreement.

The imported components for each machinery will cost 6.8 million Birr. The blades, imported from Ukraine,  will be manufactured in Ethiopia.

Ethiopia is drafting a new building code to replace the existing one, adopted 18 years ago. The new code is to be modeled after European, U.S. and Singapore building codes.

The Ministry of Urban Development and Construction contracted the Addis Abeba Institute of Technology (AAIT), in January 2012, to draft the code for a fee of 2.6 million Br. A team of 50 professionals, including professors, contractors and architects from across the capital, have been working on the document. Add a comment Add a comment

A Singapore business delegation visited Ethiopia to explore investment opportunities in the country. At a press conference held on Tuesday, the business delegation discussed investment opportunities with the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA).

“We haven’t exactly pinpointed specific areas where we will have investment agreements, but there are companies willing to invest in the areas the Ethiopian government is promoting such as Agro-processing and others,” said Mulu Solomon, President of ECCSA.