Addis ababa, April 28/2020( ENA) Ministry of Mines and Petroleum and GreenComm Technologies have signed an agreement for the establishment of a factory that converts natural gas to petrochemical inputs.
The natural gas converting factory will be constructed with an outlay of 3.6 billion USD, with an initial allocation of 75 million USD from company, it was learned.
Signing the agreement today, GreenComm Business Development Director Emanuel Mekuria said the project will be realized within 24 months.
According to him, creating jobs and technology transfer, supporting localities, and inspiring the country’s petroleum related activities as well as saving foreign currency are among the benefits of the project.
Various inputs for agriculture, health, construction, and information communication can also be produced, the director pointed out.
The project will be conducted in two phases, the first being feasibility study and the second construction of factory.
Ethiopia has recently signed an agreement with the Chinese firm Poly GCL Petroleum Investment Ltd to commercialize the gas reserves in Somali Regional State.
This project will be realized based on the Gas Commercialization agreement signed.