Research - Essay Example

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Corporate Oil Investing in Ethiopia and Egypt Name: Institution: CORPORATE OIL INVESTING IN ETHIOPIA AND EGYPT Investment project KPIOS was established in 1966 in Kuwait and is a world leading service provider in the oil sector, as well as in the engineering of industrial paraphernalia such as pressure vessels and pipes…
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The mission of KPIOS as a GCC private industry company is to provide Egypt with oil services, and aid Ethiopia in mining its oil through the provision of equipment from the Egyptian arm to them. In addition, KPIOS seeks to support Egypt following the revolution in the country to produce more natural gas and oil. This projects will profit KPIOS as a GCC company to increase revenues and help in improving the oil industry in the two countries. Reason for the project If KPIOS were to take advantage of this opportunity, it would be very profitable. Ethiopia has seen a high growth of GDP recently at an average of 11.2% a year that could aid Kuwaiti investors improve the company’s revenues, as well as help the country to become economically stable. Investment dropped drastically following the revolution in Egypt with a democratic government coming into power (, 2011). The Islamist government in power will want to see an Islamic company take charge of their oil industry. In addition, the government is actively looking for foreign investment, to return the country to economic growth. This is because the revolution and the political instability that followed scared off foreign investors. For this reason, any foreign investment will be appreciated and should be pursued by KPIOS. Risk of the project As with any other project in economically and politically unstable countries, the project does face some risks. One is the risk of inflation in Egypt that increased to 10% from 4% between 2006 and 2007 (El Shazly, 2009). This occurred because of a drop in government support for domestic energy products. Inflation will impact negatively for foreign investments due to lower exchange rates, which could make the country’s currency very expensive for foreign investors. In Ethiopia, one risk has to do with extracting the oil and gas at a reasonable cost, as well as the political and market risks in the country (Mwanakatwe & Barrow, 2010). The labor and education skills in the country are also relatively low. In addition, KPIOS needs to be aware of government changes that could lead to changes in foreign investment policy, which is a major risk, especially taking into consideration that Ethiopia is an authoritarian state that could see political upheaval. It is, therefore, essential to have risk mitigating strategies. Background Ethiopia is Africa’s oldest independent state that follows a civil law system. Its population is officially 93,877,025 with a population growth rate of 2.9%. The country has a peace treaty with Eritrea that followed a war for the emancipation of Eritrea (El Shazly, 2009). Ethiopia’s economy is agriculture based with agriculture employing 80% of the country’s population and contributing 46% of the country’s GDP. They also have significant amounts of platinum and gold, as well as coal, hydropower, natural gas, biomass, and copper. Compared to other African countries, Ethiopia’s hydrocarbon deposits are relatively low, although there is significant potential to find more as they have just discovered more hydrocarbons awaiting exploitation (Xu, 2010). However, Ethiopia is a net importer of oil since 1997 with production and exporting of crude oil being nil up to 2011. Egypt is in North Africa and is a democratic country after the revolution. They follow a mixed legal system that straddles between Islamic religious law and Read More
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