PetroTrans negotiates to extend Somaliland port

(HornTrade) – PetroTrans, a Chinese oil and gas producer could conclude preliminary negotiations with Somaliland for the extension of the key port of Berbera by the end of this year, but has scrapped plans to build a liquefied natural gas facility.

Philip Hirschler, a legal adviser for PetroTrans, said from London the firm planned to extend Berbera port’s container and mineral export services following an agreement it signed with the government of the breakaway enclave of Somalia last August. Read the rest of this entry »

S. Sudan in talks with Texas pipeline firm

(Horntrade) – South Sudan said Wednesday that it was in talks with a pipeline construction company based in Texas that would start constructing a pipeline in six months, according to the News Agency of South Sudan.

The news agency report, posted on the South Sudan government website, did not name the company. Dr. Barnaba Marial Benjamin, spokesman for South Sudan, also said that South Sudan had signed a memorandum of understand with Ethiopia to construct an oil pipeline passing through Djibouti, the news agency reported. Read the rest of this entry »

Djibouti / Ethiopia / South Sudan signed a tripartite agreement on economic cooperation

(Horntrade) – Ethiopia, Djibouti and South Sudan reached an agreement to partner in infrastructure development. The tripartite agreement includes the construction of telecom, railway, oil pipeline networks as well as duty free zones linking the regional economy.

The agreement was signed by Sufian Ahmed, Ethiopian Minister of Finance and Economic Development, Ilyas Moussa Dawaleh, Djiboutian Minister of Economy and Finance and Kosti Manibe Ngai, South Sudanese Minister of Finance and Economic Planning at the Sheraton Hotel in the Ethiopian capital. Read the rest of this entry »

Ethiopian company inaugurates US$600 million factory

(HornTrade) – The biggest cement factory in Ethiopia, worth US$600 million was inaugurated on Sunday, at a time when the Horn of Africa country braces for a construction boom.
The cement factory, Derba MIDROC Cement Plc, has a daily capacity of 8,000 metric tonnes and 2.5 million tonnes per annum.

Ethiopian-born Saudi billionaire, Sheik Mohammed Hussein al-Amoudi owns the MIDROC Group, which built the mega factory. Read the rest of this entry »

Ethiopia seeks India’s financial muscle for its rail project

(Horntrade) – Ethiopia wants $300 million more from India for an ambitious railway project that would connect it with neighbouring Djibouti, a venture that India backs as part of its “support for regional integration in Africa”.

India has already inked a loan agreement worth $300 million for the railway project. However, the loan from New Delhi is yet to be disbursed.
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Sudan’s ex-minister calls for oil crisis convention, speaks of alternative pipeline to Djibouti

(Horntrade) – The former minister of petroleum in the then government of national unity in Khartoum on Saturday called for a convention over oil crisis among members of South Sudan’s ruling party.

Lual Deng said the convention would provide members of the ruling Sudan people Liberation Movement (SPLM) with “expertise” in various fields, particularly those with “credible economic and management backgrounds”, to share views about how the country can cope with the current economic challenges befalling the world’s newest nation.

South Sudan officially seceded from Sudan in July 2011 after a referendum held earlier the same year showed an overwhelming majority in favor of independence from the North. Read the rest of this entry »

Trans-African highway to traverse 10 African countries

(HornTrade) – Dakar-Djibouti trans-African highway to traverse 10 African countries – The 8,715 km trans-African highway linking Dakar (Senegal) to Djibouti (Djibouti) will traverse 10 West, Central and East African countries, according to a document made available to PANA on Wednesday in Addis Ababa.

The document said the highway, which would combine the Dakar- N’Djamena link with the Djibouti-N’Djamena link, will pass through Mali, Burkina Faso, Niger, Nigeria, Cameroon, Chad, Sudan and Ethiopia. Read the rest of this entry »

Verizon Expands Global Enterprise Network Platform in Africa and the Middle East

(Horntrade) – Verizon has expanded its global enterprise network platform, enabling multinational corporations to take advantage of Verizon’s Private IP service in six additional African countries, and Bahrain and Qatar in the Middle East.  The expansion will make it possible for Verizon customers with locations in these emerging markets to more effectively exchange data and global business applications and employ the company’s world-class managed network and security solutions.

Leveraging the strengths of Verizon’s global multiprotocol label switching network and the reach of the company’s network alliance provider Vodacom Business in Africa, Verizon enterprise customers can add Private IP services to their offices in: Gabon on Africa’s western coast; Djibouti and Ethiopia on the Horn of Africa; Malawi and Zimbabwe in Eastern Africa; and Swaziland in the southern region.  In addition, Verizon professional consulting services can help customers in the region design and implement a networking solution tailored to their business requirements. Read the rest of this entry »

Ethio Telecom reduces rates for landline calls

(HornTrade) – Ethiopian telecommunications company Ethio Telecom has reduced calls from landlines across various zones. According to a statement on the company’s website, the rates were cut two-thirds to 83 cents per minute during peak hours and to 35 cents in off peak hours, a reduction of some 230 percent.

The move has left Ethiopian customers excited about the possibility of using their phone more often without extra costs. “I am very excited because I live in Addis [Ababa] and my son lives outside our zone, so to call him will be a great opportunity now,” Hallelujah Tharen, a mother of three, said. Read the rest of this entry »

Ethiopian Billionaire Takes Over Ries Group

(HornTrade) – Ethiopian Billionaire Sheikh Mohammed Hussein al Amoudi took over 80% of of Near East Financial Corporation which owns the Paul Ries group. The Paul Ries group is made up of Paul Ries and Sons in Ethiopia and Savon et Ries in Djibouti.

The Near East financial Corporation is a holding company based in Switzerland.

Business in the Paul Ries group companies in Ethiopia and Djibouti will continue as usual according to Daniel Le Roux the new Chief Executive of Near East Financial Corporation currently based in Dubai, United Arab Emirates. Read the rest of this entry »