Maersk Oil announced on 23 February that it had acquired 50 percent of five Africa Oil Corp. oil exploration licenses in Ethiopia and Kenya. Two of these licenses are contiguous licenses in Southern Ethiopia while the rest three are onshore exploration in Northern part of Kenya.
A.P. Moller-Maersk has agreed to buy half of Africa Oil Corporation’s stakes in three onshore exploration licenses in Kenya and two in Ethiopia for as much as USD 845 million, Bloomberg reported.
United Insurance, Ethiopia has awarded Magercon Construction the contract to for the first phase of construction on the 42 million birr mall in Addis Ababa.
The insurance company has been negotiating over the 20,000m2 plot of land for the building requiring a revised site plan after claiming to have lost an estimated 200m2 due to road constructions.
United was awarded its revised plant by the City Administration with the understanding that it should commence construction in six months.
Brown Shoe Company, a US based footwear producer, is going to establish an office in Ethiopia for the purpose of buying domestic footwear products which it will export.
Major South Korean companies are interested in investing in Ethiopia, Ministry of Foreign Affairs discloses.
Ambassador Dewano Kedir, Permanent Secretary of Economic Diplomacy at the ministry, received a team of South Korean business delegation from the city of Busan.
