Aliko Dangote, Africa’s richest billionaire on Thursday, sealed a $2.5bn a landmark partnership deal with the Ethiopian Government to build one of the world’s largest single-site fertiliser plants in Gode, Somali Regional State…..CONTINUE FULL READING>>>>>
The partnership deal was signed on Thursday between Dangote Group and Ethiopian Investment Holdings, the government’s strategic investment arm. Under the agreement, Dangote Group will hold 60 per cent equity, while EIH will retain 40 per cent.
EIH, which confirmed the partnership through a statement issued on Thursday, said the facility would rank among the top five largest urea production complexes globally, with a combined capacity of up to three million metric tonnes per annum.
“The ambitious project will establish one of the world’s largest single-site urea fertilizer production complexes, with production facilities boasting a combined capacity of up to three million metric tons per annum,” EIH stated.
According to the holding company, the $2.5bn project, expected to be completed within 40 months, would also feature pipelines to transport natural gas from Calub and Hilala gas fields, with provisions for future expansions into ammonia-based fertilisers.
The statement quoted the Chief Executive Officer of EIH, Dr Brook Taye, to have said: “This landmark agreement with Dangote Group marks a significant milestone in Ethiopia’s journey toward industrial self-sufficiency and agricultural modernization. As the strategic investment arm of the Government of Ethiopia, EIH is proud to secure a 40% stake in what will be one of the world’s largest urea production facilities.”
According to the statement, taye added that the project would ensure energy security, boost productivity, and deliver “tremendous value to Ethiopian farmers.”…..CONTINUE FULL READING>>>>>
