Friday, May 24, 2024
HomeEthiopian NewsLibya Oil to expand its investment in Ethiopia

Libya Oil to expand its investment in Ethiopia

By Kaleyesys Bekele
The Reporter
Published on September 5,2015

Libya Oil Ethiopia Limited, a subsidiary company of the Libya Oil Holdings Ltd, is to expand its investment and business in Ethiopia.

Two weeks ago the corporate management of Libya Oil Holdings held a week long meeting at Hilton Addis Ababa. The senior management team members came from the headquarters of the company, which is based in Dubai, UAE. Eighteen country managers from different African countries attended the high-level management meeting held in Addis Ababa in mid August.

Zekarias Wolika, sales and marketing manager Libya Oil Ethiopia, told The Reporter that after a week-long deliberations the management of the company has decided to make additional investments and expand its business in Ethiopia. According to Zekarias, the management made an assessment on Ethiopia’s economic growth and agreed on the need to make additional investment and expand its business in Ethiopia. The planned investment is estimated at 150 million birr.

According to Zekarias, the management decided to build motor oil and lubricants blending facility in Ethiopia at a cost of 124 million birr. The company plans to establish an LPG distribution wing. Shell Ethiopia Ltd had an LPG distribution facility but sold the business to Ghion Industrial before it pulled out of the Ethiopian market.

Libya Oil wants to expand its bitumen supply business. “Considering the huge emphasis the Ethiopian government has given to the road sector development in the second Growth and Transformation Plan we want to significantly grow our bitumen supply capacity,” Zekarias said.

Read full story on The Reporter



Please enter your comment!
Please enter your name here