Ethiopia-Djibouti-Economy

Ethiopia,Djibouti agree to jointly build new fuel storage terminal

APA-Addis Ababa (Ethiopia)

Ethiopia and Djibouti on Wednesday signed a Memorandum of Understanding (MoU) agreeing to jointly build a newfuel storage terminal near Djibouti Port.

The agreement comes a month after leaders of the two countries discussed the development of several joint projects of common interest in Ethiopia’s Addis Ababa.

 

The MoU was signed between economic advisor of the Prime Minister office, Mamo Mihretu, and Chairman of the Djibouti Ports and Free Zones Authority, Aboubaker Omer.

The agreement intends to foster conducive environment for future joint development of oil storage terminals, said Ethiopian Embassy in Djibouti.

The oil storage facility will be erected inside Djibouti’s Damerjog industrial park.

The Ethiopian delegation involving Birtukan Ayano, State Minister of Foreign Affairs, and Tadesse Hailemariam, CEO of Ethiopian Petroleum Supply Enterprise (EPSE), visited the oil jetty construction site, for first hand understanding of the progress made so far, authorities say.

Djibouti's port handles 95 percent of inbound and outbound trade from Ethiopia, earning more than $1 billion in port fees per year from Ethiopia alone.


MG/abj/APA

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