Reykjavik Geothermal, a power developer backed by hedge fund billionaire Paul Tudor Jones II, is about to kick off a $4.4 billion project to bring volcanic energy to Ethiopia

Reykjavik Geothermal, a power developer backed by hedge fund billionaire Paul Tudor Jones II, is about to kick off a $4.4 billion project to bring volcanic energy to Ethiopia

Reykjavik Geothermal, a power developer backed by hedge fund billionaire Paul Tudor Jones II, is about to kick off a $4.4 billion project to bring volcanic energy to Ethiopia. Tapping long-built Icelandic expertise in channeling volcanic power, the developer is preparing to start exploration drilling in September for two 500-megawatt plants in Corbetti and Tulu Moye, south of the capital Addis Ababa. At full-scale, each project would become the largest independent power producer in Africa, according to RG. The Reykjavik-based company’s exploration teams have picked spots to drill where they can see steam rising from the ground, according to Bloomberg.

Source; Ethiopian Investment Commission

One of the world's largest telecommunications companies, MTN Group Ltd. has identified Ethiopia as a rare new market into which Africa’s largest wireless carrier wants to expand

One of the world's largest telecommunications companies, MTN Group Ltd. has identified Ethiopia as a rare new market into which Africa’s largest wireless carrier wants to expand

One of the world's largest telecommunications companies, MTN Group Ltd. has identified Ethiopia as a rare new market into which Africa’s largest wireless carrier wants to expand. “There are a few large markets that are under-penetrated and where there is scope for a No. 1 or No. 2 operator, like Ethiopia,” Chief Executive Officer Rob Shuter said in an interview at Bloomberg’s London office. “That’s obviously one where we would be really excited to participate, in some way.’’ The move would fit with the Shutter’s focus on markets in which the carrier can be a major player, and where there’s an opportunity to seize on a consumer shift to mobile banking and other data services from voice.

Source; Bloomberg

Huajian, a Chinese company with an investment capital of 100 million USD is going to manage the shades operation of Jimma Industrial Park

Huajian, a Chinese company with an investment capital of 100 million USD is going to manage the shades operation of Jimma Industrial Park

Huajian, a Chinese company with an investment capital of 100 million USD is going to manage the shades operation of Jimma Industrial Park. The Chinese company has signed a memorandum of understanding with Industrial Parks Development Corporation (IPDC) on May 30, 2019 for this effect. The group is expected to cooperate with big Chinese companies in the fields of shoe, apparel and coffee processing and add values in the respective fields.  

Source: Wafa marketing & Promotion

The Ethio-Djibouti Railway partially resumed operations three weeks after being derailed in East Showa Zone of the Oromia Regional State

The Ethio-Djibouti Railway partially resumed operations three weeks after being derailed in East Showa Zone of the Oromia Regional State

The Ethio-Djibouti Railway partially resumed operations three weeks after being derailed in East Showa Zone of the Oromia Regional State. However, the train will still not be able to travel during nighttime or during rainstorms.

The railway is now transporting cargo carrying wheat and fertiliser. It will not be able to transport passengers until a final decision is made by the Ministry of Transport.

The decision to allow the train to operate beginning on April 24, 2019, was made after a preliminary report was written by a team led by the Ministry. The team included experts from the Ethiopian Railways Corporation, the Ministry of Transport and the Ethio-Djibouti Standard Gauge Railway. Another investigation, which is in its completion stage, is required before a decision on the long-term status of the train is made.

Before the accident, trains travelling along the railway line would stop at Modjo Dry Port twice a day. This rate has been halved since the accident now that trains have to spend the night at Dire Dawa and Adigala, a town in the Somali Regional State.

 

The accident that led to a three-week interruption of operations was a derailment of a cargo train in Fentale Wereda at 3:00am, while the train was on route to Djibouti from Addis Abeba. The cause of the accident was reported to be flood damage to the train tracks.

Source: Addis Fortune

 

The newly established Ethio-Sugar Manufacturing Share Company has started negotiations to acquire both Wonji-Shoa and Metehara Sugar Plants, pioneering state-owned sugar crushers established by the Netherlands HVA Company some 70 years ago.

The newly established Ethio-Sugar Manufacturing Share Company has started negotiations to acquire both Wonji-Shoa and Metehara Sugar Plants, pioneering state-owned sugar crushers established by the Netherlands HVA Company some 70 years ago.