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Ethiopia inaugurates first phase of Ogaden LNG project co-developed with China

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Ethiopia inaugurates first phase of Ogaden LNG project co-developed with China

2025-10-05 17:25 Last Updated At:22:47

Ethiopian Prime Minister Abiy Ahmed on Thursday inaugurated the first phase of the Ogaden Liquefied Natural Gas (LNG) Project in Calub, Somali Region, marking a major milestone in the country's push to unlock its energy potential.

The facility, with an annual production capacity exceeding 100 million liters, is set to play a pivotal role in Ethiopia's strategy to leverage its vast natural gas reserves for economic development.

In an interview with China Media Group (CMG) on the sidelines of the inauguration ceremony, Ahmed hailed the project as a symbol of deepening cooperation between Ethiopia and China.

"It's clear that we do have a very strong relationship with the government of China. Our diplomatic relationship, also economic relationship, is one of the exemplary ones on this continent. And today is a great day for Ethiopia, because it shows the friendship between Ethiopia and China. The investment, which is taking place in the Ogaden area today, will transform the energy sector in Ethiopia. It will also enhance our development. There is a huge amount of advantages that we're going to harness from this investment," said the prime minister.

The project is a joint venture between Ethiopia's Ministry of Mines and Petroleum and GCL Group, a leading Chinese private energy company.

"After this project is operational, it will greatly benefit Ethiopia's entire industry, agriculture, transportation, and all other sectors. Its driving effect on the national economy is very significant," said Zhu Gongshan, chairman of GCL Group.

Ethiopia inaugurates first phase of Ogaden LNG project co-developed with China

Ethiopia inaugurates first phase of Ogaden LNG project co-developed with China

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 67 pips to 7.0686 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 7.0686 against USD Thursday

Chinese yuan strengthens to 7.0686 against USD Thursday

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