ADDIS ABABA (Oct 21): Ethiopian Mineral, Petroleum and Biofuel Corp is discussing a partnership with a unit of China Poly Group, the first of a series of deals with foreign investors it’s planning to exploit natural-resource deposits in the country. Poly-GCL Petroleum Group, part owned by China Poly, plans to spend US$4 billion developing gas deposits in the east of the country, according to the company. The government wants to increase foreign-exchange earnings from sales of minerals, oil and gas to US$2 billion a year by 2020 from US$344 million last year. Gas fieldsPoly-GCL is developing the Calub and Hilala gas fields, which may contain 4.7 trillion cubic feet of natural gas, according to the government. Calls to the mobile phones of three China Poly representatives in Ethiopia weren’t answered or didn’t connect when Bloomberg sought comment.

Source: The Edge Markets October 21, 2016 17:15 UTC