In order to meet its annual energy needs, Ethiopia spends 87pc of its hard currency earned from foreign trade and commercial activities to finance imports of close to two billion litres of fossil oil. In the 2005/2006 fiscal year, the country spent 860.5 million dollars to import fuel from overseas, according to data from the Ethiopian Customs Authority.  Find Out More

Sudanese Nile Petroleum to Become Leader in Energy Market

The Ministry of Mines and Energy (MoME) is negotiating with the Sudanese giant, Nile Petroleum Co. Ltd (NPC), to grant it fuel blending rights in accordance with a decision made by the Council of Ministers to blend and supply ethanol and benzene. The negotiations are almost complete, sources at the Ministry told Fortune.

State Agencies Ordered to Sponsor Beauty Pageant

Beyene Gebremeskel, director general of the Privatisation and Public Enterprises Supervising Agency (PPESA), ordered all of the 58 state enterprises to collectively sponsor the capital's upcoming beauty pageant with over half a million Birr.

EAE, Seeking to Cut Costs, Gives Forced Leave to Eight Executives

Executives at the Ethiopian Airports Enterprise (EAE) are grumbling in disappointment following a massive reshuffle last week in which eight top managers were given forced leave.
 

Enterprise’s board of directors, led by Ministry of Mines and Energy Alemayu Tegenu, recommended the decision in a temporary restructuring study. A letter signed by Eyob Estifanos, General Manager of EAE, was issued to the eight managers on October 24, 2007.

Anti-Corruption Commission Charges Nine for Allegedly Fraudulent Corn Deals

The Federal Ethics and Anti-Corruption Commission accused four businessmen and five government workers of involvement in corruption for allegedly conspiring to sell spoiled corn under government procurement contracts, according to court documents. 

Ethiopia's New Energy Strategy Opens Way for Bio-Fuel

The global economy is completely dependant on fossil fuels for its energy needs. Until recently, abundant and inexpensive sources of oil have deterred efforts to find alternative energy sources. With oil prices at record highs and increased concern over global warming, the production of low-cost, environmentally friendly bio-fuels are fast attracting the attention of nations like Ethiopia.

Al-Amoudi's Derba to Receive First Cement Shipment from China

Derba MIDROC Plc, a company chaired by Sheik Mohammed Al-Amoudi, is set to receive its first shipment of cement from China a year and four months after securing a permit from the government to import the scarce building material.
 

In a bid to fill the shortfall in the supply of concrete, the company procured 30,000tn of cement from China at a cost of 1.2 million euro. The cement reached the port of Djibouti last week on Thursday, October 25.

Abebe Tamirat, 37, is a resident of the Pawe Special Zone of the Benishangul Gumuz Regional State. Hired in the Agriculture and Rural Development Desk of the Zone, he takes care of his wife and two children. However, Abebe is lately considering another seemingly lucrative business: producing and supplying traditional mud stoves to the rural communities.

Amhara Forms Employers Federation

The Amhara Regional State Employers Federation was established in Bahir Dar two weeks ago, and envisaged forming a national confederation with the recently established Addis Abeba Employers Federation (AAEF).

Amhara Court Blocks CBE Auction of Dib-Anbessa Hotel

The Amhara Regional State's Supreme Court has blocked state-owned Commercial Bank of Ethiopia from auctioning Bahir Dar's Dib-Anbessa Hotel, leaving ownership of the hotel in the hands of Shibabaw Yeneabat.

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