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Petroleum Suppliers to Request Profit Margin
Review |
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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.
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Sudanese Nile Petroleum to Become Leader in Energy Market |
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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. |
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EAE,
Seeking to Cut Costs, Gives Forced Leave to Eight Executives |
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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. |
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Ethiopia's New Energy Strategy Opens Way for
Bio-Fuel |
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With an aim to shift from high-cost fossil oil to
cost-effective bio-fuel, the Council of Ministers a
month ago approved the utilization of bio-fuel
development strategy in Ethiopia.
The 16-page strategic document, approved in
September, was prepared by the Ministry of Mines and
Energy (MoME) in collaboration with experts at the
Ministry of Trade and Industry (MoTI) and the
Ministry of Agriculture and Rural Development (MoARD).
The growing increase of the international oil price
alerted the Ethiopian government to consider
shifting to the consumption of bio-fuel.
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| Agenda |
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More than a week has passed, but the talk of the
town continues to be ... |
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| Editor's Note |
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Former United States (US) Federal Reserve
Chairman Alan Greenspan |
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Read More |
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| Economic
Commentary |
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Ethiopia
has many unique characteristics that attract some from
abroad and make residents proud to call it home. However, it
is also rather distinguished in terms of the types of sounds
that may be heard in many ... |
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Unfortunate Miscalculation |
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A
lorry driver takes a wrong turn onto Bole Airport on
Thursday last week and mistakenly drives under an
overpass too low for the Caterpillar excavator on
his trailer. The Caterpillar had to be partially
disassembled to allow the lorry to pass. The ring
road, constructed by the Chinese, is infamous for
rampant traffic accidents, often involving
pedestrians.
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ARCHIVE |
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World
Bank Report Gives Weight to Agricultural-Led Dev't |
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During most of their rule since the early 1990s, and
to the dismay of their staunch critics, the
Revolutionary Democrats in Ethiopia were fixated in
their argument that the only way out of poverty for
Ethiopia is their agricultural development-led
....Read More |
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CUD Division Apparent at D.C. Rally |
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The good ol' days: Hailu Shawel (left) and Brehanu
Nega shake hands in a photo taken before political
infighting put the two at odds as the heads of
separate party factions. Shawel, leading a
fund-raising rally in D.C. last week, made a veiled
allusion .....Read
More |
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VERBATIM |
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"Our monetary policy is not conducive to accommodate an
economy that is based on liquid interests being mobilised
from the banking system. That is why investment activities
in Ethiopia cannot be dented by the rate with which taxes
are raised or cut." |
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Haile Kibret
(Ph.D), head of the macroeconomic department at the Ethiopian
Economic Research Institution (EERI), describes the relationship
between inflation and the imposition of surtax as the most
unlikely bedfellows. He is of the opinion that in the Ethiopian
economic context the increasing the interest rate does not help
deter the inflation. |
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View Point |
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Many have
noticed a change in the tone of the Prime Minister of late.
Differences in both gestures and words have struck some as
the makings of a different style of rule. The reason for
these changes are less ..... |
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Life Matters |
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There is not much to be said about opposition
politics, in way of opinion, which has not been said
already. For this reason, and of course because of
the image ... |
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View From Arada |
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One Amharic weekly claims that it took the sponsor,
Addis Park, over six months of hard negotiations to
bring Beyoncé's troupe to ....... |
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