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.

Ethiopia is set to build the first railway academy in Africa to provide competent manpower for the railway projects to be constructed in the GTP II period.

Ethiopia’s Government disclosed it will undertake expansion project on Modjo Dry Port over 138 hectares of land, has begun. The project is aimed to increase the efficiency of trade logistics in Ethiopia.

Ethiopian Horticulture Development Agency (EHDA) signed a memorandum of understanding (MoU) with International Saudi Agriculture (ISA) so as to enable the latter exporting organic banana to Saudi Arabia.

While signing the agreement, the Director General of EHDA Haileselassie Tekie said the agreement will enable Ethiopia to secure more than 100 million USD from the export of 60,000 tons of organic banana to Saudi Arabia within six months.

The agreement will benefit up to 30,000 small holder farmers directly or indirectly involved in the cultivation of organic banana by getting a better market price for the product. Besides, the export will create jobs for lots of compatriots in Arba Minch and the nearest localities in the SNNPs.

Ethiopia is set to increase power it exports to its neighboring countries; Sudan, Kenya and Djibouti. The plan will be executed in 2 years as installation of transmission lines is in progress.