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Local Oil Company hit by hard currency shortage

Yetebaberut Beherawi Petroleum S.C., a local oil company founded predominantly by oil transporter companies more than 15 years ago, expressed its frustrations over the lack of access to hard currency needed to import oil products in to the country, making it difficult to operate its main line of business in the past two years, and threatening its existence, The Reporter has learnt.

Gomeju Oil to build aviation depot

One of the thriving indigenous oil distribution companies, Gomeju Oil Ethiopia, is to join the aviation fuel market by building a jet fuel depot at the Addis Ababa Bole International Airport at a cost of 200 million birr.

Oil companies to take new concessions

Following the removal of the National Bank of Ethiopia’s directive that compels oil and gas companies to open a foreign bank account in Ethiopia international oil companies have shown interest to take new concessions.  

Central Bank directive frustrates oil companies

A directive issued by the National Bank of Ethiopia (NBE) requesting foreign oil companies engaged in oil and gas exploration and development projects in Ethiopia to open a foreign currency bank account in Ethiopia has frustrated international oil companies. 

Singaporean company in talks with Poly-GCL for supply of offshore natural gas terminal

The Singaporean ship builder, Sembcorp Marine, is in talks with Poly-GCL, the Chinese company which recently discovered oil and gas finds in Ethiopia, for the provision of an offshore natural gas processing terminal to be moored at the Port of Djibouti and connected to the natural gas transportation pipeline extending from the Calub and Hilala gas fields in the Ogaden basin of the Ethio-Somali Regional State.