DJIBOUTI, Djibouti’s Parliament has approved a 30 million U.S. dollars project for the construction of a strategic national oil reserve.
The project, to be carried out in partnership with the International Islamic Trade Finance Corporation, is aimed at guaranteeing regular supply of oil products.
“Through the project, the government wants to progressively increase the national strategic oil reserves in the short term since our country only has a 10-day emergency oil reserve funded by the World Bank,” Djibouti’s Energy and Natural Resources Minister Ali Yacoub Mahamoud said on Tuesday.
The minister said the government intends to have the first stock of the strategic oil reserves before the end of this year.
The stock will cover Djibouti’s needs for a period of one month and the reserves will be increased to three months within the next two years, the minister concluded.