Established with 15 billion birr capital, the Ethiopian Mineral, Petroleum and Biofuel Corporation (EMPBC) has begun its work.
The Corporation is one of the state enterprises established by the government to achieve its second Growth and Transformation Plan (GTP). It was tasked to explore, produce and sell fuel, mineral and biofuels.
“This huge Corporation was established because the explorations conducted over the past 40 years on Ethiopia’ fuel deposit were promising, “said Mulugeta Seid, Corporation’s CEO.
Currently, the Corporation is fulfilling its staff and is preparing to carry our additional study on mineral, petroleum and biofuel resources Ethiopia has, he told FBC yesterday.
The Corporation is purchasing equipment needed for its work and it will enter into joint venture if those companies currently engaged in gas exploration begin production, he added.
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