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“When completed, it will significantly improve with the Horizon depot in Djibouti so that the
the efficiency of oil transportation, enhance the products could arrive inland,” he told China’s
operation capacity of the oil depot, and relieve Xinhua news agency. “The hinterland is very
the pressure of oil supply in Ethiopia,” CCECC much affected by road transport. So this mini-
Ethiopia’s general manager Guo Chongfeng said. mises cost, time and even [ensures] the quality
Awash “will definitely become an important of the product, because the issue of adultera-
transportation hub and will also strengthen the tion and evaporation or whatever cases will be
connection between the Addis Ababa-Djibouti minimised.”
railway and the Awash-Kombolcha-Woldia rail- The manager also praised the efficiency of
way,” he said. Chinese contractors, expressing hope that they
Tadesse Hailemariam, CEO of the Ethiopian would finish the line ahead of schedule.
Petroleum Supply Enterprise (EPSE), shared CCECC and China Railway Group launched
this sentiment. the Addis Ababa-Djibouti railway at the start of
“I expect a lot from this project, as this links 2018, which serves as the backbone of Ethiopia’s
a main rail with the Awash depot and again modernised transport network.
INVESTMENT
EBRD provides financing package to STEG
TUNISIA THE European Bank for Reconstruction and involvement in the natural gas business is lim-
Development (EBRD) is providing a €300mn ited to gas distribution and gas-fired electricity
($361mn) financing package to Societe Tunisi- generation.
enne de l’Electricite et du Gaz (STEG), the state- STEG is also the sole off-taker of private
owned national electricity and gas utility, to renewable energy in Tunisia.
support the stability of Tunisia’s energy sector
during the coronavirus (COVID-19) pandemic
in the medium term.
The aim of the programme is to help the com-
pany cover the costs of drawing up a detailed
roadmap for reform and energy sustainability.
The financing facility comprises a €100mn
emergency stabilisation facility under EBRD’s
Vital Infrastructure Support Programme and a
€200mn facility helping refinance STEG’s short
and medium-term liabilities.
Additionally, the European Union will pro-
vide an investment grant of up to €20mn to
finance the implementation of an enterprise
resource planning system to help STEG’s mod-
ernisation plans.
Established in 1962, STEG produces and
distributes electricity and natural gas. Its STEG is responsible for gas distribution in Tunisia (Photo: APS)
NNPC in discussions with IOCs
on revision of contract terms
NIGERIA NIGERIA’S national oil company (NOC) has (NNPC), told Reuters in an interview last week
begun re-negotiating the terms of its commer- that the NOC had initiated the talks in order
cial contracts with a number of international to ensure that oil and gas projects continued
majors. to attract investment. He declined to say which
Mele Kyari, the group managing director of projects were involved or which terms were
state-owned Nigerian National Petroleum Corp. under discussion,
Week 06 10•February•2021 www. NEWSBASE .com P7
