2merkato

Ethiopia is to privatize two more enterprises with the board of the Privatization and Public Enterprises Agency approving the offers made for Caustic Soda SC and the warehouses of Faffa foods.

Caustic Soda will be purchased by MCC Imports for 14.8 million birr and the warehouses of Faffa foods will be sold to a Nejib Abba Biya, Ethiopia Canadian Businessperson, for 414,100 US dollars.

It is to be remembered that the PPESA is seeking interested bidders for two of the five enterprises it had offered for privatization in the same lot as Caustic Soda and the Faffa foods.

The tax authority of Ethiopia is to probe petroleum distributing companies on potential windfall gains following the regular price adjustments to the price of fuel by the government.

The Ethiopian Revenues and Customs Authority will launch the investigation in the coming weeks and will levy windfall tax should it discover that the companies are earning undeclared gains from the price adjustments according to sources.  

The tax authority was notified of the windfall gains in the sector by anonymous informants who presented a study conducted on seven petroleum companies it was learned.

Ethiopia is borrowing 1.78 billion birr to produce 50MW of power from refuse accumulated at the Repi Waste Disposal in Addis Ababa according to the Ethiopian Electric Power Corporation. This ground breaking effort is part of plans to diversify the national power supply it was said.

The EEPCo signed a Memorandum of Understanding with Cambridge Industries, a UK company, to facilitate the project including garbage collection, treatment and conversion to electric power.

The financing for the project was obtained through a low interest loan said Miskir Negash, Head of Public Relation of the corporation.

Ethiopia expects to produce fertilizer locally in time for the next crop season according to a report presented to the House of Peoples Representatives by the Metal and Engineering Corporation.

The country planned to build eight fertilizer factories as part of its development agenda with five factories designated to produce DAP fertilizer and the remaining three to manufacture Urea fertilizer noted General Kinfe Dagnew, Director of the corporation presenting the report.

It is to be remembered that a feasibility study conducted in the Yayu area of the Oromia Regional State last year led to the decision to build a fertilizer complex revising the initial idea said Kinfe. Currently the plan is to build two Urea and one Dap fertilizer factory as part of the complex he explained.

Ethiopia’s Ministry of Mines, Petroleum and Natural Gas (MoMPNG) disclosed the country will start producing metal in 2 years time.