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Agriterra Ethiopia announced that it has assigned a 20% interest in its South Omo Block to Marathon Ethiopia ltd for 28 million US dollars plus adjustments for closing. Marathon Ethiopia ltd is a subsidiary owned completely Marathon Oil Corporation.

An additional 12 million US dollars has been lodged with the Ethiopian government to be held on account until Agriterra finalizes any tax that is related to this transaction. The tax is expected to be an estimated 30% of the net gain realized after deducting all attributable costs incurred by Agriterra in relation with developing the block in the past. Add a comment Add a comment

The Ethiopian Metal and Engineering Corporation and SKY Energy International have manufactured the first solar panel in Ethiopia.

The solar panel was manufactured by the assembly line commissioned in April of last year as a joint venture between the Ethiopian Metal and Engineering Corporation and SKY Energy International.

The turnkey assembly line was fully installed in December and the first efforts to laminate, test and produce solar panel were launched by engineers at this time. Add a comment Add a comment

The Farida Group based in Chennai, India has launched a tannery in Ethiopia. The tannery is intended to target the export market including to India.

The new tannery commissioned at the end of the last year is expected to have the potential capacity to manufacture an estimated 800,000 sq. ft of leather, said  Rafeeque Ahmed, Chairman, Farida Group.

The factory was launched through Farida’s international subsidiary in Singapore. The plant will supply finished leather to the international markets as well as catering to the leather requirements of the Farida group according to Ahmed. Add a comment Add a comment

Ethiopian Airlines announced that it is to launch flights to Ndola, Zambia three times a week.  The airline will introduce the new route beginning from the 31st of March.

The airline decided to launch this route because Ndola is third largest city in Zambia and the commercial and industrial center for the copper producing part of the country according to sources according to the company’s press release.

This flight will be the second Zambian destination to Ethiopia and is a part of its efforts to connect Africa to the rest of the world said Tewolde Gebremariam, Chief Executive of the Airline. Add a comment Add a comment

Ethiopia and Botswana have signed a bilateral agreement designed to enhance the air transport sector. The agreements were a part of bilateral discussion headed by Phandu Skelemani, Minister of Foreign Affairs and International Cooperation for Botswana and Dr. Tewdros Adhanom, Ethiopian Foreign Affairs Minister.

The bilateral transport agreement was signed by Diriba Kuma Ethiopia Minister of Transport and Skelemani. The agreement is a sign of the commitment of both countries to enhancing their existing relationship said Diriba.

It is expected that the agreement will contribute to cultural as well as trade relations between the two countries according to Diriba. Add a comment Add a comment

Ezana Mining Development plc is to build a 17.8 million US dollar gold plant in Tigray Region of Ethiopia. The new mine is expected to contribute to increasing the national revenue from the export of minerals. The mining development awarded the turnkey contract for the project Manhattan Corporation.

The South African mining services provider will build a carbon-in-leach (CIL) gold plant in Northern Tigray. Ezana selected the contractor from four international companies who had responded to the tender it put out. According to the agreement signed between Ezana and the contractor its tasks will include design engineering, procurement, shipment, construction, installation, implementation and after-sales skills development. Add a comment Add a comment

Ethiopia is to launch a new project in Adi Gala, which will enable it to export potable water to Djibouti. An agreement was signed to facilitate the export between Sufian Ahmed, Ethiopian Minister of Finance and Economic Development and Ilyas Moussa Dawaleh, Minister of Finance of Djibouti.

The project will be fully financed by the government of Djibouti according to the agreement signed between the two countries.

The deal outlines the implementation of the project according to which the construction of a pipeline to carry the water will be handled by Djibouti. It is expected that the construction of the project which will supply 100 thousand meter cubes of water every day will take a year and a half to complete. Add a comment Add a comment

The Ethiopian Revenue and Customs Authority is to introduce a new advanced commodity valuation system which is expected to assist with ensuring a fair customs tax system it was announced at a discussion organized by the authority.

The authority introduced the new web based customs valuation database in exchange for the previous CD based valuation system as of last week.

It is expected that the new software will resolve issues with the previous system and enable the Ethiopian customs valuation system to meet the standards set by the World Trade Organization. The new database was installed by Indian company Center for Development of Advanced Computing. Add a comment Add a comment

Ethiopia is to build a 250 kilometer high way connecting between Dire Dawa and Dewale it was announced. The road project, currently in the design stage is expected to upgrade the current gravel road to asphalt creating another alternative access to a sea port.

The road is particularly important in light of the fact the Ethiopia handles 98 percent of its export and import freight through Port Djibouti. It is also expected that a new port intended to be constructed in Tadjoura will increase the congestion at this port thus facilitating the trade though Djibouti. Add a comment Add a comment

The Development Bank of Ethiopia has pulled out of a 1.52 Billion Birr Loan agreement made with Habesha Cement according to sources.

The bank had approved the loan which was expected to cover more than 70 percent of the funding of the proposed cement factory more than a year ago.

The bank pulled out of the argument it had endorsed in September 2011 on the basis of its inability to disburse money at this time. Add a comment Add a comment