Turkish-owned company signed a deal with the Ministry of Mines to begin exploration of natural gas in Ethiopia.
Çalık Holding has signed a memorandum of understanding as a first step to invest in Ethiopia, where it pledged to engage in the development of fertilizer plant and gold production.
"Today, we have signed three MOUs with Çalık Holding & its subsidiary companies to cooperate in natural gas exploration & development, fertilizer plant and gold production," Takele Uma, Minister of Mines, said on his official facebook account.
Çalık is a Turkish company that has been operating in the energy, construction, mining, textile, finance, and telecom sectors since the 1980s.
Poly GCL is inching to begin full-scale extraction of natural gas in Ethiopia but it is now facing a one month ultimatum to register 30 pecent equity capital of the $4.2 billion total investment needed for its project at the National Bank of Ethiopia on or before July 30, 2022.