National Oil Ethiopia (NOC) announced that it would soon begin the distribution of petroleum products in Djibouti.
NOC Chief Executive Officer Tadesse Tilahun said, the company has purchased petroleum stations and the petroleum depot in Djibouti Airport along with oil tankers with over 450 million Birr.
Distribution of fuel, oil and other petroleum products would begin upon the handing over of the purchased facilities and vehicles, he added.
According to the CEO, Oil Libya will supply 50 per cent of the oil demand of Djibouti and 70 per cent of its aviation fuel reserve demand.
The opening of NOC’s branch in Djibouti will contribute to the foreign currency earning of Ethiopia, Tadesse pointed out.
The company will soon launch similar activities in South Sudan, Somalia, Kenya and Uganda, according to the Chief Executive Officer. The company would begin installing modern electronic instruments on its tankers and introduce controlling system as well as e-card purchase system soon, he disclosed.
National Oil Ethiopia, which was established with 400 million Birr capital before 11 years, has at present 1.2 billion Birr capital.