The Council of Ministers proclaims the Ministry of Mines & Petroleum to sign agreements with eight companies

January 3, 2022

The project plan states that the companies must produce coal to meet national demand within a year. The council also discussed the issue of oil price adjustment, the implementation of targeted subsidies, and the draft for the Community Health Insurance Proclamation. It covers the cost of pre-existing low-cost health services, alleviates high prices, and ensures equitable access to health care for all. For oil, a marketing reform is planned at the national level to address significant issues; and a mechanism is to be implemented by conducting a cost adjustment study to reduce and eliminate unpopular fuel subsidies gradually.

After careful consideration, the council determined that the resolution would be implemented six months after the Council of Ministers’ approval period.

The goal is for the companies to maximize production & enhance coal mining in different parts of Ethiopia. After approval from the House of People’s Representatives, the Council of Ministers budgets 561.7 billion ETB.

The Ministry of Mines & Petroleum aims to make Ethiopia a priority destination for the international mining and petroleum investors through promoting its strategic minerals such as gold, gemstones, mainly opal, emerald and sapphire, tantalum, lithium, potash, iron ore, and industrial energy and construction minerals, and petroleum.

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