2merkato

Ethiopia is to launch a petroleum development enterprise which will facilitate the development of the natural gas reserves discovered in the Ogaden Basin.

Decision to set up the enterprise was reached after the failure of several attempts to develop the natural gas reserves in the region by granting petroleum development licenses according to a senior official with the Ministry of Miners.

The petroleum development enterprise will offer an opportunity for a joint venture with a reputable international oil and gas company explained the official.

The first of the ten Boeing B787-8 Dreamliner aircraft ordered by Ethiopian Airlines is expected to arrive in Addis Ababa later on this week.

Ethiopian Airlines pilots and technicians are trained and ready to operate the new aircraft which will arrive in Ethiopia on the 17th of August said Tewolde Gebremariam, Chief Executive of the Airline. Technicians are also being sent for further practical training to ANA he said.

Ethiopian is organizing a ‘Dream Tour’ to Kilimanjaro on August 18th for VIPS, members of the media and business people will be taken on a sightseeing tour of Africa’s highest peak said Tewolde.

78 Thousand Metric tons of cotton were produced in Ethiopia in the last financial year according to the Ministry of Agriculture.

The amount of cotton produced in the just ended fiscal year was significantly more than the 18 thousand metric tons produced in the previous financial year said Isayas Kebede, Director of Agriculture Investment Support and Monitoring with the ministry.

More than 90 percent of the 71 thousand hectares of land provided for investors in the fiscal year was given to investors engaged in cotton production, which has been a foundation for the development of the textile sector in the country he said.

The net profit of Ethiopian Airlines for the just ended Ethiopian financial year showed a decrease of 40% year on year. The airline earned 732 million birr which is 500 million birr less than the 1.23 billion it had earned in the previous financial year.

Ethiopian Airlines transported 4.6 million passengers in the past year showing a 25% increase and generated operating revenue 0f 33.8 billion birr, an increase of 37%. The operating expense of the airline also increased by 35% to 5.7 billion birr resulting in the airline making operating profits of 1 billion birr and net profits of 732 million birr.

The increase in fuel prices, the European economic crisis and the economic stagnation in China and other Asian countries all proved to be challenges for the airline industry in the past year said Tewolde Gebremariam, Chief Executive of the airline.