Saturday May 7, 2022
Ethiopia and Djibouti signed Memorandum of Understanding
(MoU) to explore joint opportunities for the development of oil storage
facility in Djibouti’s Damerjog Industrial Park.
Chief Executive Officer of Ethiopian Investment Holdings,
Mamo Merhertu and Chairman of Djibouti Ports and Free zones Authority and Great
Horn Investment Holding, Aboubaker Omar Hadi signed the MoU.
According to Ministry of Foreign Affairs, the MoU intends to
create conducive environment for future joint development of oil storage
terminal in Djibouti which will ultimately take the existing well-founded
strong economic ties between the two sisterly countries to a higher level.
To this end, it envisages several collaborative mechanisms
to set up an oil storage facility in Damerjog to provide storage services to
petroleum products destined for the gateway demand of both Djibouti’s and Ethiopia’s
markets as well as Transshipment.
The signature of the MOU was attended by State Minister for
Foreign Affairs of Ethiopia Ambassador Birtukan Ayano and Ethiopian Ambassador
to Djibouti Berhanu Tsegaye.
During the signing ceremony of the document, the high-level
officials of both countries underscored that the new initiative is critically
important to ensure a sustainable oil supply to Ethiopia’s oil demand which
roughly increases by 10 percent every year.