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The Metal and Engineering Corporation (MetEC) is going to sell back the two vessels, ‘Abay Wonz’ and ‘Abyot’, that it bought last year to use as scrap metal from the Ethiopian Shipping and Logistics Service Enterprise (ESLSE).
Brigadier General Kinfe Dagnew, Director General of MetEC, told Capital that the corporation changed its plans after experts confirmed that the vessels are still operable. “Now we are planning to sell the vessels after repairing them,” he said.
Kinfe said that the corporation has sent the two vessels to Dubai, UAE for repair works. “Repair on one of the two vessels have already been completed,” the general said.
He also indicated that local and international crew have already been hired to operate the vessels. MeTEC initially planned to use the vessels to transport its own cargo before using them as scrap metal. These plans had to be abandoned, as Ethiopian law does not allow any other ship operator as the ESLSE is the sole entity that can own and operate ships.
MeTEC, which is involved in a number of large government projects, is also busy establishing ten metal factories around the country, which it is in the process of relocating the factories it bought from Asia.
The Corporation is also interested in partnering with foreign companies in its endeavor to develop the country’s nascent industries. It has formed a partnership with Europe’s second largest power equipment manufacturer, Alstom SA, the US-based solar panel manufacturer Spire Corp, and the China Poly Group Corporation, for its engineering and manufacturing contracts.
MetEC is also building a Coal Phosphate Fertilizer Complex in the Oromia Regional state and is the main contractor for the Sugar Corporation, a state-owned enterprise developing cane plantations and building multiple processors across the country at a cost of about USD 5 billion.
MetEC, a conglomerate of several companies formerly under the Ministry of Defense, was established in 2010 with a capital of 10 billion birr. It now operates Dejen Aviation, Bishoftu Automotive and Locomotive, Hibret Machine Tools Engineering Complex, Homicho Ammunition Engineering Complex, Gafat Armament Engineering Complex, Power Engineering, Hitech Industry, Metal and Fabrication Industry, Adama Garment Industry, Ethiopia Plastic SC and Nazareth Tractor Assembly Plant.
The Construction Machineries Manufacturing, a subsidiary of MetEC, also assembles construction machineries such as excavators, smooth compactors, bulldozers, loaders, forklifts, cranes, rock drillers and deep-well digging machineries.