Latest Business Alerts

Agriterra sold its remaining 20 percent stake of South Omo concession

Agriterra, a British oil company has transferred its 20 per cent stake on the South Omo block to Marathon Oil, US based company. Agriterra, previously White Nile has been undertaking geophysical and seismic survey in the Omo Valley covering an area of 29,465 sq.km since 2005. However, Agiterra has never drilled an exploration well.

In 2010 White Nile sold an 80 percent stake to the Canadian oil company, Africa Oil. White Nile sold its remaining 20 percent stake in the South Omo Concession this week to Marathon Oil. Marathon Oil Corporation's subsidiary Marathon Ethiopia Limited B.V. has concluded a sale and purchase agreement with Agriterra Limited to acquire their 20 percent working interest in the South Omo concession in Ethiopia effective of August 17, 2012.
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ESLSE’s Abbay Wonz and Abyot up for sell

Ethiopian Shipping and Logistics Services Enterprise has started negotiating with unnamed companies to sell two of its aged freight ships Abyot and Abbay Wonz. The two ships have served the enterprise for almost two decades and they are no longer suitable for the existing shipping industry.
Abbay Wonz joined the enterprise’s fleet in 1993 whereas Abyot followed a year later.
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Diageo to Introduce International Safety Standards

New owner of Meta Brewery in Ethiopia, Diageo is to introduce international standard safety and working standards at the plant according to sources.

The company is committed to mitigating risks in the work place that arise from accidental or deliberate breaches of safety standards in the work place according to Habtu Bazezew, Health and Safety Manager with Diego.

Maintaining standards of safety depends on proper reporting of accidents, and non compliance with regulations that could pose a risk to safety, health or security according to Habtu.

Diego has committed more than a million US dollars to upgrade the standards of safety at the plant because the management believes that the outcome is worth the investment.

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UK Delegation to Visit Ethiopia

A Business Delegation led by the Minister for Climate Change is to visit Ethiopia for two days announced the British Embassy in Ethiopia.

The delegation consists of 19 business people representing 14 companies to hold discussions with relevant business people starting on the 4th of October said the press release.

The delegation will discuss ways in which investors engage in Power Development Investment in the UK and share that country’s experience with renewable energy development.

The companies represented by the delegation will be interested in finding out the opportunities for investment in renewable energy development and distribution in Ethiopia it was said.

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Samsung to Launch Promotional Event in Ethiopia

Samsung Electronics will launch a week long promotional event from the 18th of October in Ethiopia. The event will be held at the Sheraton Addis Hotel. The event will concentrate on technological innovation, entertainment and social development according to sources.

Samsung is committed to social development as evidence by its investment in technical schools in the country according to Tadewos Awel, Country Manager with Samsung East Africa.

The company expects to introduce new technologically innovative products at the week long event said Tadewos. The new range of products will be offered at special prices he added.

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