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Gazprombank’s GPB Global Signs Oil-Exploration Deal in Ethiopia

GPB Global Resources, a unit of Russia’s state-owned Gazprombank Group, may invest about $60 million searching for petroleum in northeastern Ethiopia, Executive Director for Corporate Communications Sergey Tagashov said.

The company last week announced it won approval from the government for a production-sharing agreement that covers seven years for exploration and 25 years for production. Investment for exploration will focus on conducting surveys and drilling test wells in a 42,000 square kilometer (16,200 square mile) area in the Afar region that forms part of East Africa’s Rift Valley, Tagashov said in a phone interview from Pula, Croatia.