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Ethiopia Government Forms Company to Develop Oil, Gas Resources
Ethiopia announced plans to start a state-owned company that will develop oil and gas resources in a partnership with private companies. Bloomberg news first reported the announcement, citing Ethiopia's Mines Minister Sinknesh Ejigu. In a phone interview with Bloomberg news, Minister Sinknesh said the company will “bolster and enhance development”. In addition, Ethiopia will also set up a public enterprise that help to extract mineral resources including precious metals, tantalum and potash.
Ethiopia is looking to develop gas fields in the country’s eastern Somali region after cancelling its contract with PetroTrans, which it had expected to bring financing of as much as $5 billion. The company rejected the termination of its contract.
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