Ethiopia saves 470 million USD from reduced fuel import and it suspends benzene import from Sudan.
The demand for petroleum products has declined significantly as the COVID-19 pandemic slows down economic activities in the country. The amount of gasoline (benzene) and jet fuel import has shown a decline following the outbreak of COVID-19 while diesel consumption remains the same.
Tadesse Hailemariam, CEO of the Ethiopian Petroleum Supply Enterprise, told The Reporter after the WHO declared the COVID-19 as a global pandemic in March, benzene and jet fuel consumption has shown a 20 and 70 percent decline, respectively. Ethiopia’s daily benzene consumption is 2.2 million liters, diesel nine million liters and jet fuel 2.6 million liters on average. According to Tadesse, due to the lockdown in some regions and slow economic activity observed in connection with the COVID-19 pandemic, daily benzene consumption has declined to two million liters, diesel 8.5 million liters and jet fuel to one million liters.
(thereporterethiopia, Jan 2018)
Fairfax Africa Fund, a US-based investment firm, in collaboration with multiple partners from Asian countries is planning to build an oil refinery in Ethiopia with a total investment cost of four billion US dollars.