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. According to Zemedeneh, Fairfax Africa Fund is working on the project with Asian investors whose core business is oil trading and infrastructure development. The investors have evaluated several places including Djibouti where the oil refinery will be built and finally selected Awash town, 221km east of Addis Ababa. Ethiopia currently uses three million metric tons of fuel annually. The refinery’s capacity will eventually be expanded to 12 million metric tons per year.

Source: Ethiopian News January 13, 2018 18:45 UTC