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Kenya: Kenyatta to capitalise on country’s oil, flags off export scheme.

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Kenya’s president, Uhuru Kenyatta flagged off a pilot scheme to export crude oil via Mombasa as part of efforts to capitalize on the country’s oil reserves.

The East African country discovered commercial oil reserves in its Lokichar basin in 2012 and a 800-km (500-mile) pipeline is due to be built before production starts up in 2021/22.



The national government and the regional administration of the northwestern Turkana region agreed last month on revenue sharing that will come into force when production reaches full capacity by 2022.

That agreement paved the way for the passage of a law on petroleum production, which will enable Tullow Oil, which operates the Kenyan fields, to start shipping oil that has been held in storage tanks for a year.

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The president, who addressed rallies in Turkana said the initial petroleum exports will help the government create scalable employment and business opportunities in the hospitality and security sectors.

The benefits of the project will be shared and no one will be left behind,” Deputy President William Ruto said at the launch of the export initiative under which 2,000 barrels will be transported to Mombasa by road for shipment each day.

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Business

Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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