- Ethiopian Airlines Targets $10bn Revenue, 146 Destinations by 2025
Known for over-reaching its targets, Africa’s most successful carrier, Ethiopian Airline has said it is working to be a 10 billion dollar profit making organisation, fly 120 international and 26 domestic destinations by 2025.
But the airline, which has remained the most profitable operator in the continent, has actualised its set target in the past years before the target date.
The Manager of Ethiopian Airlines Holidays, Mrs. Seble Azena, who disclosed this while addressing Nigerian journalists and tour operators, during a tour of the airline’s facility at the airline’s headquarters in Addis Ababa, noted that the airline would continue to record milestones of achievement.
Azena said the airline’s current revenue for 2016 unaudited stood at 2.71 billion dollars with 100 international destinations and 17 domestic destinations, noting that the airline currently transported 8.8 million passengers annually with a total of 92 aircraft in its fleet while 59 aircraft have been ordered.
The manager said during the period the airline airlifted about 238,000 tonnes of cargo annually using 39 wide body freighter aircraft across the globe.
“Today, Ethiopian airlines is the second fastest growing carrier in the world. We transport 8.8 million passengers and about 338,546 tonnes of cargo per year. The revenue is $2.71 billion revenue, our current fleet is 92 and we have 59 aircraft in order. Beyond the number of aircraft that the Ethiopian airlines have, the most interesting element is that the average age of aircraft is five years.
“We use Addis Ababa as our main hub and as such there is more congestion at the airport. To alleviate this and facilitate passengers’ movement within the continent and the globe, the airline has established two more hubs, one in Lome in west Africa and the other is in Lilongwe in Malawi in south Africa. We currently have 100 destinations, for cargo, we have 39 dedicated cargo freighter and 19 dedicated domestic destinations,’’ she said.
Azena said the airline’s new cargo terminal in Addis Ababa was the largest in Africa and second in the world, adding that the terminal would become the world’s largest by 2025.
She said the cargo terminal was designed as an automated terminal with the capacity to process 600,000 tons of cargo annually, adding that the airline was currently contributing 11 per cent to the country’s Gross Domestic Product, remarking that the country had invested so much in aviation industry.
According to her, the airline is willing to assist any African country to develop their aviation sector especially in setting up a national carrier through partnership.
A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.
Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.
A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.
One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.
However, Saudi authorities are yet to confirm or respond to the story.
Brent Crude Oil Approaches $70 Per Barrel on Friday
Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension
Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.
Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.
Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.
While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.
According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.
“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”
Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.
“The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.
“I do believe we’re headed for a much healthier supply and demand environment” she said.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
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