2merkato

The Ethiopian Maritime and Transit Service Enterprise (EMTSE) received instruction from the Ministry of Industry last week to prepare port facilities for handling coal imported by Ethiopian Petroleum Enterprise (EPE).

It was reported in Mid August that the Ethiopian Petroleum Enterprise (EPE) was going to import coal from South Africa to secure sustainable supply of coal as an alternative source of energy for cement factories.

The National Bank of Ethiopia (NBE) introduced to banks on September 19, 2011a Swift Cheque Value Transfer, an interbank payment system, to ensure prompt exchange and transfer of cheques above 200, 000 birr.

The SWIFT cheque value transfer allows for the head offices of banks to use Real Time Gross Settlement (RTGS) in settling high value cheques within six hours.

“This is a good move on the part of NBE,” Anteneh Assefah, vice president of Abyssinia Bank, said. 

The Privatization and Public Supervising Agency (PPESA) was scheduled to hand over the management of Tepi Coffee Plantation to Green Coffee Agro Industry Plc on 3 October 2011 after the latter bought 51 percent of the shares in the plantation.

Green Plc had paid 111.3 million, 25percent of the shares it bought, two months ago.  The 10,000 hectare plantation rests in two regional states, with 32 percent in the Gambella Regional State and the rest in Southern Nations Nationalities Regional State.

The Development Bank of Ethiopia (DBE) said that it was evaluating a 2.1 billion birr financing request from SAYGIM - BM Capital Technology Group, a Turkish company which is planning to manufacture fibre optics.

SAYGIM - BM Capital Technology Group is planning to relocate machinery from Turkey to a plot it has acquired in Sebeta, 35km west of Addis Ababa.

Besides fibre optics, the company is planning to manufacture cables for household use and electric transmission lines according to the business proposal it submitted to the bank.

The Council of Ministers endorsed last Friday the formation of the Ethiopian Shipping & Logistics Enterprise (ESLE).

The enterprise is an amalgamation of Ethiopian Shipping Lines (ESL), Ethiopian Maritime Transit Services (EMTS) and Dry Port Service Enterprise (DPSE).

The initial proposal for the company to be a corporation was abandoned. It is to be formed as a state enterprise instead.

A delegation from the government and the Ethiopian Electric Power Corporation (EEPCO) is scheduled to sign an official and binding agreement with Djibouti tomorrow for the export of electricity.

Ethiopia was exporting electricity to Djibouti on a trial basis for the last four months charging Djibouti 0.70 dollars a kilowatt.

The 65 million dollar project, largely financed by the African Development Bank (AfDB), aims to raise access to electricity in Djibouti to 60 percent by 2015 which was 49.5 percent in 2003. 

Gulf General Investment Company, a Dubai-based conglomerate whose net worth is about 3.7 billion dollars and M2K Business Services, a local company, are jointly planning to set up an aluminium extrusion plant at the outskirts of Addis Ababa.

The extrusion plant, which is planned to be constructed at Sululta in the Finfinne Special Zone, is estimated to cost 12 million dollars.

The Ministry of Information and Communication Technology (MICT) said that it had granted permission to companies that run internet-dependant operations to acquire and use VSAT (Very Small Aperture Terminal).

Some months earlier, the ministry had issued a directive allowing companies which are dependent on the internet and those working in remote areas of the country where there is no access to the internet to use VSATs, Debretsion Gebremichael (PhD), minister of MICT, said.

Vale, the Brazilian mining multinational corporations, has secured a 900sqkm gold exploration area in southern Ethiopia.

The exploration area is in Konso, between the Oromia and Southern Nations Nationalities and Peoples regional states.

Vale has agreed to conduct geophysical surveys including air-born geophysics to discover primary gold reserves and base metals such as cobalt, copper, silver and zinc, Gebreigzabher Mekonnen, head of mining operations with the Ministry of Mines, said.  

Alecto Minerals plc, the AIM listed resource company, announced today that it had started exploration programmes on its 1,953 sq km gold exploration licence in a mineral-rich region of Ethiopia.

The company’s key focus has been on advancing its 1,953 sq km gold licence in the Aysid-Metekel region of north western Ethiopia, Damian Conboy, managing director of Alecto, said.