As Crude Tests Begin, Ethiopia Touts Nascent Oil, Gas Industry

  • New premier talks of income up to $7 billion a year from gas
  • Chinese company developing resources in restive Ogaden region

By Nizar Manek, 29 June 2018
(Bloomberg) --
Ethiopia’s nascent energy industry is gathering pace, with a unit of China Poly Group Corp. starting test output of crude oil in a volatile border region and the government estimating initial annual income of $1.2 billion when gas exports begin from the area.
Oil and gas income will be a major boost to the landlocked Horn of Africa nation’s economy, bringing in much-needed foreign exchange as well as saving on imported fuels, Prime Minister Abiy Ahmed said late Wednesday in a televised address. The United Arab Emirates this month pledged $3 billion in aid and investments to Ethiopia.
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