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Tullow Oil plc, is to announce the results it obtains from the geological test drills launched earlier this month on its Ethiopian concession, in South Omo.

The company anticipates drilling up to a depth of 2,600 meters to test for oil potential, after which it will make the final decision as to whether it will continue drilling or not according to an official with the British oil and gas explorer.

Tullow intends to dig twelve more holes to better estimate the quantity of oil that could be extracted, should it obtain positive results from its initial drilling activity.

Tullow Oil’s exploration well, Gardim-1, which it drilled in the eastern flank of Chew Bahir Basin in Ethiopia is announced to have failed find commercial levels of oil.

Turkey is preparing to establish a Turkish industrial zone in Ethiopia's capital, Addis Ababa, according to todayszaman.com.

Speaking at the opening of the African Strategies Sectoral Evaluation Meeting in Ankara on Monday, Turkish Foreign Minister Ahmet Davutoğlu said that the Ethiopian prime minister had proposed the assignment of a plotof land for the establishment of a Turkish industrial zone in Addis Ababa.

“They [the Ethiopians] know that we don't go to Ethiopia with a passing fancy and calculations of temporary profits. We also know that they don't only offer a business opportunity but that they opened their hearts,” Davutoğlu said, stressing that ties between Turkey and Ethiopia are not only economic, but also social relations between the two countries is thriving as well.

Davutoğlu stated that, there are now 341 Turkish companies with a total investment of $3 billion in Ethiopia.

Source: todayszaman.com

Rose Chemicals, from Turkey and Swiss companies, CHT-Bazema and Textile Color AG, have been selected for an exclusive arrangement to supply chemicals to the textile industry in Ethiopia with a commitment to set up factories in the next five years.  

The Textile Industry Development Institute and the Ministry of Industry invited 15 international companies to make offers following persistent complaint from the textile sector about challenges associated with chemical imports.

After reviewing five proposals the three companies were selected as exclusive textile chemical suppliers in Ethiopia enjoying duty free privileges. The three companies were selected on criteria that included European quality certification, supply capacity and their commitment to respect the customs bonded warehouse rules of the Ethiopian Revenues and Customs Authority.

Turkish state owned agricultural bank, Ziraat Bank, approached the Ethiopian government and tabled its proposal to open a branch here in Ethiopia. However, this is regardless of the strict prohibition of the government foreign nationals and companies owning entering the financial sector.