According to the company, the construction will be carried out in two phases. In the first phase, the company will construct 40 oil depots in Ethiopian capital Addis Ababa.
EPSE CEO Taddesse Hailemariam said that each oil depot will cost US$782,281.44.
“The petroleum demand of Ethiopia has dramatically increased due to the country’s rapid economic growth. The number of depots in the country is low when compared with the huge demand of oil in the country. Even if the government is spending US$250mn per month to import petroleum, the region is facing shortages,” added Hailemariam.
The oil depots will use computer technology to avoid technical failures and maintain security.
Ethiopia has 13 emergency oil depots and 250 gas stations, five of which are owned by local companies.
Established in 2012, EPSE is an amalgamation of the Ethiopian Petroleum Enterprise (EPE) and National Petroleum Depot Administration (NPDA).