Libya Oil Ethiopia Limited, a subsidiary company of the Libya Oil Holdings Ltd, is to expand its investment and business in Ethiopia, Zekarias Wolika, sales and marketing manager told journalists, according to Oil Review Africa.
In mid August the corporate management held a high-level management meeting at Hilton Addis Ababa with the senior management team members coming from the headquarters of the company, which is based in Dubai, the UAE and 18 country managers from different African countries, Allafrica,com reported.
Wolika said the company had decided to make additional investments in Ethiopia estimated at around $6m. Management has decided to build a motor oil and lubricants blending facility in Ethiopia and plans to establish an LPG distribution wing and to expand its bitumen supply business.
Libya Oil entered the Ethiopian fuel distribution market in November 2008 after acquiring Shell Ethiopia Limited. The company has 143 fuel stations across the country and is opening nine new stations every year. The company is also working aggressively on its aviation fuel supply business. The company claims to own 42% of the market share.