Business

Ethiopia cancels gas, oil exploration contract with Chinese firm

ADDIS ABABA, Ethiopia Ethiopia has canceled its contract with a Chinese company exploring oil and gas in the country since 2013, the government announced on Wednesday. Takele Uma, Ethiopia’s minister of mines and petroleum, said the deal with Chinese firm Poly-GCL was called off because of its “financial and organizational inability” to develop gas in

September 22, 2022 • By Addis Insight

Business

Nigeria Set To Choose Ethiopian Airlines As Core Investor Of New Flag Carrier

Nigeria has confirmed that Ethiopian Airlines has been chosen as the core investor and partner for the country’s new flag carrier. Nigeria Air has been in the works for a while now and has slowly been approaching a full launch, pending support from partners. Ethiopian is Africa’s largest carrier and has shown a willingness to

September 19, 2022 • By Addis Insight

Business

TPLF announced a separate ceasefire

The Government of Tigray’s Stance on a Peaceful Resolution of the Current Conflict Today, September 11, 2022, Ethiopians in and outside the country are celebrating the advent of the New Year. It is the Government of Tigray’s solemn desire to see Ethiopians in general and the people of Tigray in particular to no longer hear

September 11, 2022 • By Addis Insight

Business

Council of Ministers approved the opening up of the banking sector to foreign investors

Today, in the 13th regular meeting held by the Cabinet of Ministers, the draft policy to open up the banking sector to foreign_investors was discussed and decided to be put into effect.   The draft policy that was proposed to councils of ministers lifts the restriction of the opening up of the banking sector to

September 3, 2022 • By Addis Insight

Business

The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released

The first research document that informs the amount of reserves of natural gas and crude oil in Ethiopia has been released The first scientific study that informs the actual amount of crude oil and natural gas reserves in Ethiopia and suggests how to extract them has been released. Ministry of Mines Engineer Takele Uma said

August 26, 2022 • By Addis Insight

Business

Ethiopia expects IMF visit in September – Finance Minister official

LONDON (Reuters) – Ethiopia expects an IMF mission to visit in September, following a visit by the Fund three months ago, a finance ministry official said on Tuesday, noting that an IMF program was necessary to restructure its debt. Ethiopia expects an IMF mission to visit in September, following a visit by the Fund three

August 23, 2022 • By Addis Insight

Business

Chinese companies to develop new industrial park in Ethiopia

ADDIS ABABA, Aug. 11 (Xinhua) — The Ethiopian Investment Commission (EIC) on Wednesday signed an agreement with China’s WODA Metal Industry Private Limited Company (PLC) and its partners to build an industrial park in Ethiopia. The agreement involves the upgrading of the WODA Metal Industry PLC into WODA Industrial Park with an outlay of 95

August 12, 2022 • By Addis Insight

Business

Ethiopia completes third round water filling of the Great Ethiopian Renaissance Dam

It has been announced that the third round of water filling of the Great Ethiopian Renaissance Dam has been completed and water has started to flow on top of the dam. Following the completion of the 3rd round of water filling of the dam, senior government officials including Prime Minister Abiy Ahmed and Deputy Prime

August 12, 2022 • By Addis Insight

Business

Impact of the Russia-Ukraine war on Ethiopia

By- Seneshaw Tamru and Tewodros Makonnen Gebrewolde The conflict in Ukraine and the subsequent sanctions against Russia triggered price increases of key commodities with far-reaching impacts on welfare, production, and economic growth for developing countries, including Ethiopia. Economic sanctions were imposed on Russia by the US and EU to deter Russia from further escalating the

August 8, 2022 • By Addis Insight

Business

New Ethiopian Airlines chief aims for near-doubling of fleet under 2035 roadmap

Recently appointed Ethiopian Airlines chief executive Mesfin Tasew has embraced the ‘Vision 2035’ roadmap introduced by his predecessor Tewolde GebreMariam in 2019, as he aims to keep the carrier on an aggressive growth path. Speaking during July’s Farnborough air show, Tasew says the roadmap is “tailored around fast, profitable, sustainable growth” and will involve a

August 7, 2022 • By Addis Insight