Amhara Region Gets Depot Station

Aug 31 , 2019


[ssba-buttons]

Worku Petroleum opened a new gas station and a fuel depot in Dejen town of the Amhara Regional State at a cost of 24 million Br. The new fuel depot has the capacity to store 1.1 million litres of fuel. The gas station and fuel depot have created job opportunities for over 30 employees and are expected to minimise the severe fuel shortage and the price gauging customers are exposed to in the area. We built this depot and gas station because of the high demand for fuel in the area, said Seleshi Abate, CEO at Wereku petroleum. Ethiopia, with a population of 100 million, only has 800 gas stations around the country, while neighbouring Kenya, with a population of 40 million has over 2,000 gas stations. There are 31 oil companies in Ethiopia engaged in the petroleum distribution sector, while Kenya has 65 companies.


Radar

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

Ethiopian Investment Holdings (EIH), the state's sovereign investment arm, has struck a deal with Dangote Group to build one of the world's largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc. With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Design...


Radar

CBE Capital Joins Nib Bank for Market Expansion

Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib's balance sheet, attracting capital, and positioning the bank in a modernising financial sector. The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to ...


Radar

Credit Cap Nears Lift-Off

The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted "financing has been the biggest bottleneck for...