INVESTMENT PROJECT PROPOSAL FOR THE

ESTABLISHMENT OF ALAJABA PORTABLE OIL

CAMPANY

PROJECT TO BE IMPLEMENTED IN OROMIA

SUBMITED TO OROMIA REGIONAL STATE

LAND USE AND ADDMINISTRATION
INVESTMENT COMMISSION

PROMOTER: - ABDULWASE AHMED IBRAHIM

IMPORT EXPORT

SEPTEMBER/2019
ADDIS ABABA

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 APPLICATION LETTER

TO WHOM IT MAY CONCERN

Dear Sir/Madam;
We are here to request Land for investment with its license by name of our private trading
which it named ABDULWASI AHMED IMPORT NAD EXPORT. ABDULWASI AHMED
IMPORT NAD EXPORT is found in DIREDAWA. Since the establishment of ABDULWASI
AHMED IMPORT NAD EXPORT we are exercising different business activities so as to crate
job opportunity for our society as well as developing our financial capacity and making benefit
the government also.

Dear sir/madam we are here today as we begun before participating on our country’s
development, we are looking for an opportunity which enables as to take over the developments
of our country through investment. Which it is too vast and can give better job opportunity than
any other that can keep the truck our begun development.

Hence, if your organization accepting our application, give us an opportunity and signing the
project agreement with achieved anticipated results. ABDULWASI AHMED IMPORT NAD
EXPORT will have self-motivated, energetic and experiences in business duties and committed
to undertake the intention of this investment program from design, planning, implementing,
monitoring and evaluation of the activities with responsibilities to deliver the desired result of
the project with required quality for targeted groups.
We are looking forwards your positive response!!
Better Corporation for better development
ABDULWASI AHMED IBRAHIM
 C/C ABDULWASI AHMED IMPORT NAD EXPORT

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 I. Table of content
I. LIST OF TABLE……………………………………………………………5
II. List of Abbreviations……………………………………………...................6
III. Executive Summery…………………………………………………………7
1. Introduction and Overview of the Project…………………………………8
1.1. Introduction…………………………………………………......................8
1.2. Ethiopia’s Reforming Economy…………………………………………8
1.3. Economic Liberalization………………………………………………...8
1.4. Guarantees to Investor…………………………………………………..9
1.4.1. Repatriation of Capital and Profit………………………………...9
1.4.2. Guarantees Against Expropriation………………………………..9
1.5. Measure Investment Incentives………………………………………...10
1.5.1. Customs import duty…………………………………………….10
1.6. Objective of the Project………………………………………………...10
1.7. Overview of Ethiopia…………………………………………………..11
1.8. Overview of Energy Sources and Energy Policy in Ethiopia………….13
1.9. Overview of Ethiopian Policy Towards LPG, Kerosene & Other Related
by Products……………………………………………………………..15
1.6. Distribution of Petroleum……………………………………………...15

2. Service Description and Application………………………………………..16

3. Market Analyses…………………………………………………………...19
3.1. Nature and Size of Demand for Petroleum Products………………..19
3.1.1. Project Ownership and Structure……………………………..19
3.1.2. Organization Structure…………………………………………19
3.2. Proposed Location…………………………………………………….19
3.3. Past Demand…………………………………………………………..20
3.4. Forecasted Demand……………………………………………………20
3.5. Supply & Distribution………………………………………………..21
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 3.6. Types of products………………………………………………………23
3.7. Target customers……………………………………………………….24
3.8. Competitors Analysis………………………………………………….24
3.9. Why Major International Oil Companies [SHELL, MOBIL &AGIP] are
Left the Ethiopian Market?...................................................................26
3.10. Marketing……………………………………………………………..27
4. Regulation License and incentives (Legal Analysis)……………………….27
4.1. Regulatory Requirements………………………………………………27
4.2. License…………………………………………………………………..27
4.3. Pre- qualification for License…………………………………………..27
5. Environment Analysis……………………………………………………...28
5.1. Location of the Project…………………………………………………28
5.2. Environment Analysis…………………………………………………29
6. Financial Analysis………………………………………………………….29
6.1. Initial Project Costs (‘000) in Birr…………………………………….29
6.2. Expansion Project Costs (‘000) in Birr……………………………….30
6.3. Price of Fuel……………………………………………………………30
6.4. Risk on Investment for Petroleum Investment………………………..31
6.5. Incomes Statement……………………………………………………..32
7. Conclusion………………………………………………………………….33
8. Reference…………………………………………………………………....34

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II. List of Abbreviations
LPG Liquefied petroleum Gas
IRR Internal Rate of Return
NPV Net Present Value
OAU North East African Unity
FDRE Federal Democratic Republic of Ethiopia
GDP Gross Domestic Product
COMESA the Common Market for Eastern and Southern Africa
EU European Union
GTP Growth and Transformation plan
NBE National Bank of Ethiopia
CBE Commercial Bank of Ethiopia
ELA Ethiopian Investment Agency
TOE Tons of Oil Equivalent
ESMAP- Energy Sector Management Assistance Programme
EPE Ethiopian Petroleum Enterprise
E5 Ethanol
KM Kilometer
DA Distribution Agreement
MOTI Ministry of trade and Industry
CIF Cost of Insurance and Freight
LPG Liquefied Petroleum Gas
MGR Motor Gasoline Regular
LFO Light Fuel Oil
HFO Heavy fuel Oil
NOC National Oil company
YBP Yetebaberut Beherawi petroleum S.C
WAS Wadi AL Sudus
OGRA Oil Gas regulatory authority
MT Metric Tone

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 III. LIST OF TABLE
Table: 1 - Rural and Urban Energy Sources.
Table: 2 Inspected and Registered Vehicles by License and Plate Type
Table: 3 Forecasted numbers of the vehicles in the country for the coming 10 years
Table: 4 Petroleum Consumption: transport sector
Table: 5 Total Amounts of petroleum imported and consumed
Table: 6 the number of oil company in Ethiopia
Table: 7 All Product Volume Trend
Table: 8 All Product Volume Trend
Table: 9 LPG Distributions in Metric Tone
Table: 10 Initial Project costs
Table: 11 Initial Project costs
Table: 12 The current distribution margin and retailers margin
Table: 13 Incomes statement
Table: 14 Feasibility criteria for the project evaluation.

IV. Grand Summary

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  Project name: Building of Portable Oil Company,
 Project Type : fuel station service business center,
 Nationality: Ethiopian,
 Project Owner: ABDULWASI AHMED IBRAHIM,
The proposed legal structure of the business entity is registered as Alajaba Oil
Company,
 Project location: Oomia Regional state Finfinne Liyu Zone Galan Town,
 Project composition: Building of portable fuel station used for LPG filling business
centers for all type of car in the city, Gasoline (Benzene) LPG (Liquefied petroleum
Gas), Gas Oil (Naphtha) and kerosene, Aviation fuel (Avgas and Jet A-1). In
addition to the provision of Fuels, Lubricants and other specialized products like
Modern car wash Lub change supermarket cafes and restaurant Services will be
added by leasing out our premises to companies that offer services.
 Premises Required: 10,000 m2,
 Total investment Cost: 42,200,000.00 birr ETB is required from this amount 30% or
12,660,000 ETB from owner equity and the rest 70% will 29,540,000 from bank
loan,
 The initial cost of the project is estimated to be 42,200,000.00 birr- with a payback
period of 4 years and 6 months. IRR and NPV of 29% and birr 60, 912, 000
respectively,
 Employment opportunity: 80 individuals on permanent and casual basis,
 Social and Economic Benefit: provide better service, employment opportunities,
generation of income and benefits for the urban people.

V. Executive Summery

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The Purpose and scope of this feasibility study is to assess the feasibility of distributing LPGs,
petroleum and related products and lubricants like; diesel Engine Oils, Petrol Engine oils
throughout Ethiopia as whole seller and retailer that will begin from central part of the country.
The main aim of the company is to install the portable gas station that operate using vehicle and
any open lots in the operational area. In addition to the provision of Fuels, Lubricants and other
specialized Service products like Attractive displaying park of vehicle for sell, Automotive
Repair & Maintenance Services, Vehicle loading cranes service, Modern Self-serve Car wash,
Lub change, Supermarket. Cafes and restaurant services will be implemented by outsourcing to
others.
The project feasibility will form the basis of an important investment decision and in order to
serve this objective, the document covers various aspects of the business concept development,
start-up, marketing and fiancé and business management. The document also provides sectorial
information, brief on government policies and international scenario, which have some bearing
on the project itself. The report divided into nine parts with annex and reference.

All the material included in this document is based on data /information gathered from various
sources and is based on certain assumptions. And as much as possible we used the most trusted
and recent sources for the study. The ABDULWASE AHMED IBRAHIM IMPORT EXPORT
TRADING petroleum is a newly incorporated organization that wants to start Oil marketing
business. With significant presence in Ethiopia, as a fuel seller through potable fuel station, the
company will start in this year in Ethiopia, after the legal and investment activities finalized.
The initial cost of the project is estimated to be 42,200,000.00 birr- with a payback period of 4
years and 6 months. IRR and NPV of 29% and birr 60, 912, 000 respectively,

1. Introduction and Overview of the Project

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 1.1. Introduction
The new Democratic Government carne into force in 1991, soon after coming into power, the
new government adopted the market oriented Economic policy in 1992. The Federal
Democratic Republic of Ethiopia (FDRE) was set up under a new constitut1on in 1995. The
FDRE has a bicameral parliament, with the council of people's Representative being the highest
authority of the Federal Government, while the Federal council represents the common interests
of the nations, nationalities and peoples of the state, members of both councils are
democratically elected for five years.

1.2. Ethiopia’s Reforming Economy

A predominating agricultural economy accounts for about 42% of Ethiopia’s Gross Domestic
product (GDP), 62% of total exports and 85% of employment. Coffee alone contributes over
30% of total agricultural exports. Agriculture is supplemented by manufacturing, mining, trade,
tourism, construction, services, etc. Make the remaining 58% of GDP. About 13% of GDP
comes from the Industrial sector supplying important consumer goods to the domestic and
international markets. The main manufactured export products include textiles, food stuffs,
tobacco, beverages, leather and leather products, wood, metallic and non-metallic products,
paper plastic products, canned and frozen meat, sugar and molasses and oil cakes products.

1.3. Economic Liberalization

Since the new market oriented Economic policy adopted in 1992, a number of policy measures
and reforms have been undertaken to change the structure of the economy and encourage raped
economic growth and development. The reforms include, among others, the following short-
term economic Liberalization and structural adjustment measures:
 Deregulation of domestic prices,
 Abolition of all exports taxes and subsidies,
 Reduction of inflation through fiscal and monetary controls,
 Liberalization of foreign trade,
 Devaluation of national currency, birr to reflects its market value,
 Privatization of public enterprises,
 Issuance of a new labor law,

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  Liberalization of foreign exchange regime,

1.4 Guarantees to Investor

Ethiopia provides the following guarantee; to foreign investors;
1.4.1. Repatriation of Capital and Profit
Capital repatriation and remittance of dividends and interest is guaranteed to foreign investors
under the investment proclamation. Any foreign investor has the light, in respect of an approved
investment, to make the following remittances our of Ethiopia in convertible currency at the
prevailing rate of exchange on the e date of remittance
• Profit and dividends accruing from an investment
• Principal and interest payments on extern al loans
• Payments related to technology transfer or management agreements
• Proceeds from sale or liquidation of an enterprise
• Proceeds from the sale of transfer of shares or assets
• Compensation paid to a foreign investor.

l.4.2. Guarantees Against Expropriation

The constitution of the Federal Democratic Republic of Ethiopia protects private property. The
investment proclamation also provides investment guarantees against measures of expropriation
and nationalization and nationalization that only may occur with the requirements of the law.
Where such expropriations are made, the government guarantees to provide adequate
compensation corresponding to the prevailing market value of property and such payment shall
be reflected, promptly.
Other guarantees in Ethiopia are a member of the World Bank, affiliated Multilateral
Investment guarantee Agency (MIGA) that issues guarantees against none, commercial risks to
enterprise, which invest in signatory countries. Ethiopia is at any time ready to conclude
bilateral Investment promotion and protection treaties with any country and is in fact currently
concluding such agreements with a number of developed countries.
Ethiopia has also signed the World Bank Treaty "The Convention on settlement of Investment
disputes between States and nationals of other States (ICSID) '. Investors are protected against
expropriation and nationalization. Ethiopia has ratified the convention establishing the
multilateral investment guaranteed Agency (MIGA). It has also signed bilateral investment
promotion and protection agreements with a number of OECD countries. The Investment
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offices serve as a one stop shop for foreign investors securing investment certificates, company
registration certificates, and operating licenses.

1.5. Measure Investment Incentives

To encourage private investments and promote the inflow of foreign capital and technology into
Ethiopia, the following incentives are granted to investors (both domestic and foreign) engaged
in new enterprises and expansion in areas qualified for investment incentives.
1.5.1. Customs import duty
 One hundred percent from the payment of import customs duties such as plant,
machinery, equipment, etc, plus spare parts worth up to 15% of the value of the
imported investment capital goods.
 Investment capital goods imported may be transferred to another investor enjoying
similar privileges.
 The duty drawback scheme applies to all taxes at the time of importation, and those
paid on local purchases.

1.6. Objective of the Project

The major goal of this project is to establish the Liquid Petroliam Gas oil Distributer Company
that contributes towards the growth of the trade service sectors in the country. Its specific
objectives include the following:-

 To establish portable oil company,

 To construct 500m3 depot, main fuel station and,
 To provide 6 modern and international standard portable gas station,
 To undertake trading and other refuted business activities that enable to generate a
reasonable to the invested capital.
 To develop modern business center that would provide new and odd services of
accessing gas oil for different customer at their place and working site
 To create employment opportunities for the population in the towns and city,
 Contribute towards the beautification of the town through the construction of modern
building infrastructure and facilities.

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 1.7. Overview of Ethiopia
Ethiopia is an independent republic which lies in the East Africa. Since the secession of Eritrea
in 1993 Ethiopia has been a landlocked state. The working language of FDRE is Amharic and
the regional states have their own working language, especially Afan Oromo that has large
number of speakers in east Africa, Af-somali and Afar which are speaking in the neighbor
countries such as Kenya, Somali & Djibouti. Also there is foreign language such as English and
Arabic that used in the commerce.

The Ethiopian economy is based on agriculture, which accounted, in 2009 /10 for about 42
percent of the gross domestic product (GDP), 75.9 percent of foreign currency earnings. In
2009/10, the industrial sector, which mainly comprises small and medium enterprises accounts
for about 13 percent of GDP. The services sector accounts for about 46.1 percent of GDP.

Real GDP grew by an average of 11.3 percent per years for the last seven consecutive years
(2003/04-2009)/10. Which is the highest among the non-oil producing economics of Africa?
During 2006/07/2007/ 08 and 2008 /09 the general annual inflation was 15.8 25.3 and 36.4
percent, respectively, and dropped to 2.8 percent in 2009/10. These were largely driven by the
trend of the food component of price which showed 21 percent annual average growth during
the indicated descale years. The budget deficit as a percent of GDP was only 1.3 percent in
2009/10.

The Ethiopian economy has grown strong as the transition from a command to a market- based
economy takes place. The former system of price controls has almost been discarding, the tax
rates have decreased, and several private sector restrictions have been removed progress has
been made on the implementation of reforms. Valued added tax was introduced in the country
in January 2003 and the import tariff regime added tax was introduced in the country in January
2003 and the import tariff regime has been reformed. The financial sector is also improving,
with flexible interest and Exchange rates that are market- determined. Ethiopia belongs to the
COMESA agreement member countries enjoy preferential trade terms. Ethiopia has similar
agreements with a number of countries and the EU.

In the Growth and transformation plan (GTP Plan) the government expected to boost the real
GDP from 10.1 to 14.9 percent. Projection of export of goods assumed to grow at a faster rate in
response to the adoption of export promotion policy measures according to GTP plan for the

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five years, exports of goods are expected to grow by 36.6% in 2010/11 and 28.4% percent
annual average in reaming period. With regard to transportation, in 2015, all Kebeles (100%)
will connect to all weather roads with an average time of 1.4 hrs. to reach nearest all –weather
road.

The national bank of Ethiopia is the central bank of the country. Commercial banking functions
are performed by the state- owned commercial bank of Ethiopia (CBE) and an increasing
number of private banks. The number of banks operating in country reached seventeen; three of
them government- owned and the rest private (NBE home page).

The Ethiopian tax law provides for the imposition of direct and indirect taxes. The direct taxes
are divided in to five categories personal income tax, rental tax withholding tax, business profit
tax and other taxes. The main types of indirect taxes applicable are value added tax, custom
duty, excise tax turn over taxes.

Ethiopia has abundant supply of skilled workers in various fields at internationally competitive
rates. Wages and salaries vary on the type of profession and level of skill required. They are
determined by agreement between the employer and the employee. In conformity with the
international conventions and other legal commitments, Ethiopia has enacted its labor law to
ensure the worker- employee relations be governed by the basic principles of rights and
obligations with a view to enabling workers and employers maintain industrial peace and work
in sprit of harmony and cooperation. The labor law has fixed hours of work as eight hours a day
and thirty –nine hours a week. Work done in excess of these hours is deemed to be overtime.
Labor disputes in Ethiopia are resolved through the application of the law, collectively
agreements, work rules & employment contracts. Foreign investors obtain work permits for
their expatriate employees directly from the Ethiopian investment agency ELA (The EIA
processes applications of work permits in an hour). All transitions in foreign exchange must be
carried out through authorized dealers under the control of the national Bank. Payment abroad
for imports requires exchange licenses, obtainable upon representation of valid importers
license, exchange licenses are also granted in any convertible currency requested. All imports
require a license. There are no free trade zones in Ethiopia.

Addis Ababa, the capital city, is linked by road to the port of Djibouti, at the Gulf of Aden. The
port of Berebera in Somaliland and port Sudan are other external trade routes the provide

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services for export- import trade of the country. Another potential port accessible to Ethiopia is
Mombasa in Kenya’s. In order to ensure efficient, cost effective and reliable import and export
movement of cargo to and from the sea ports accessible to Ethiopia is Mombasa in Kenya. In
order to ensure efficient, cost effective and reliable import and export movement of cargo to and
from the sea ports of neighboring countries, the government has established the Dry port service
Enterprise. The Enterprise is currently operating two dry ports which are located at Mojo, in the
Oromia Regional state and at Samara, in Afar Regional state.
1.8. Overview of Energy Sources and Energy Policy in Ethiopia
Ethiopia’s know energy resources essentially consist of wood fuels, animal dugs and
agricultural residues which are overexploited, and hydropower, which are being exploited,
crude oil which is largely untapped. Ethiopia has proven reserves of fossil fuel in the form of
natural gas and coal as well. The energy resource potential of the country includes several
hundred million tons of coal and oil shale, and over 70 billion cubic meters of natural gas.
However, only a very small portion of this potential is developed owing to lack of financial
resources, skilled manpower and more importantly appropriate policy and planning (GTZ
(2007).

According to the 1997 world development report (world bank 1997), the per capital commercial
energy for Ethiopia in 1994 was 22 kilograms (Kg), while for low income economies it was on
the average 369 Kg and for high income economies it was 5066 Kg.
Table:1 - Rural and Urban Energy Sources.
Energy source Rural (%) Urban (%)
Firewood and Charcoal 82.2 74.47
Dung 9.8 7.8
Agricultural residues 8.4 6.3
Kerosene 0.0 7.6
LPG 0.0 0.6
Electricity 0.6 3.0
As you can see from the above table, nearly all the remaining energy needs particular for
domestic purpose are covered by fuel wood, the supply of which has led to a very rapid
depletion of the natural forest resources and vegetation cover. Due to frequent usage of fuel
wood for energy supply in the country, the forest resource coverage has dropped from 35

14
percent coverage to less than 3 percent. As a consequence of increased environmental
degradation, Ethiopia is facing a cyclical draught and famine.
According to the GTP plan by 2015 mantling facilities and construction of the storage for
petroleum, the reliable and steady supply of petroleum will be secured. in the next five years it
is planned t increase the present generating capacity which is 2000 MW to 8=000 up to 10=000
MW at the end of the plan period (2014/15) with electricity power coverage of the country to
75%, In addition, by 2015.
 Increase the production of bio-ethanol to 194.9 million litter at the end of the planning
year through coordinating the governmental and private sugar industries,
 Increase production of bio diesel up to 1.6 million litters through involvement of private
investors, farmers, etc. In general, the development of bio-fuel will generate 1 billion
foreign currencies,
 Increase the number of blending facility of benzene-ethanol from 1 to 8 and that of
biodiesel to 72 by oil companies.
 Sea port utilization ratio will reach 60:30:10 for Djibouti, Berbera and port Sudan,
respectively,
 Fuel transportation by Ethiopian ships will reach 3.6 billion tons in 2014/15
Ethiopia have vast hydropower resources and only a small fraction has been developed.
The developable hydropower potential is estimated at 30,000 MW, located primarily
along the Blue Nile and its tributaries.
Very limited and very few proportion of the population in Ethiopia have access to modern fuels.
The per capital modern energy consumption is about 0.02 tons of oil equivalent (TOE), which is
one of the lowest in the world (ESMAP-Energy Sector Management Assistance Programme
Ethiopia-Energy Assessment Report No.179/96.)
To initiate production and utilization of potential energy source, the Government of Ethiopia for
the first time has approved a national energy policy. Which was issued in May 1994? The
policy clearly identifies the need for the promotion of private sector participation in the energy
sector development. The New investment code proclamation No 37/1996 and the amendment
code proclamation No. 116/1998) further strengthened this initiative. and for the exploration
and exploitation of petroleum resources, which also includes gas resources the Government has
issued petroleum operations proclamation No.295 of 1986, Petroleum Operations Income Tax
Proclamation No.296 of 1986 and a model production Sharing Petroleum Agreement (1994).

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 1.9. Overview of Ethiopian Policy Towards LPG, Kerosene & Other
Related by Products
Ethiopia, at the moment, is a net importer of petroleum products. White and black petroleum
products are imported directly by the Ethiopian petroleum Enterprise (EPE) through third party
suppliers. Upon receipt from third party suppliers, EPE stores the products at Horizon Terminal
a Djibouti and then distributes the different grades mainly Gasoline (Benzene), Gas Oil
(Naphtha), Kerosene, Light fuel oil, Heavy fuel oil and Jet fuel to Oil companies and these
companies distributes the fuel through a fixed margin structure set by the government. In
addition, EPE imports Gasoline (Benzene) from Sudan. For the supply of Gasoline in Addis
Ababa, EPE has made an agreement with Nile Petroleum, a Sudanese Oil Company operating
in Ethiopia, where the latter conducts blending of Gasoline with Ethanol (E5) at its depot in
Sululta (Northern part of Addis Ababa with 15 KM distance from the center) and distributes E5
to oil companies.
The market is regulated by the restatement of the Distribution Agreement (DA) which gives
the power of supervision to the ministry of trade and Industry (MoTI). The authority to set and
monitor petroleum product Prices and Margins is granted to the MoTI through the DA, and the
DA also provides for monitoring and related activities of petroleum sector regulations, such as
operations, safety and environmental issues.
Ethiopia is also believed to hold a hung potential for energy and mining. The national’s current
efforts in the areas of hydroelectric power projects and exploration of Oil and Gas are clear
testimonies of the government’s determination to unleash its natural resources fuel. The
amount of foreign currency spent for the importation of petroleum products is very significant
and it is between 19 to 28 percent of the export earnings (national Bank of Ethiopia, 1999).
1.10. Distribution of Petroleum
To date, petroleum products distribution activities are done according to the restatement of the
distribution agreements signed periodically between the MoTI and the petroleum distribution
companies (whole sellers) like Total, NOC, Oil Libya operating for more than 30 years in
Ethiopia the Government organ that signed the Distribution agreement and regulates the
implementation and overall petroleum distribution operation is MoTI. Distribution agreement
focuses on the process of delivery, supervision, measurement, accounting procedures, price
determination transportation etc.

16
The Government is the one that determines the inland wholesale and retail selling prices
according to the agreement, the Government takes factors such as CIF (cost of insurance and
freight) cost of product transport duties and Taxes Company’s marketing expenses, profit and
deal’s commission into account for petroleum price determination. In differently when the
portable station provide the service there is additional cost charged. Therefore, when determines
the inland wholesale and retail selling prices of LPG according to the agreement, the
Government should think over the cost of the portable gas station for their transportation service
that make them for additional cost.

2. Service Description and Application

Alajaba Oil company, will import six portable gas stations which will be installed in Oromia
Regional State Finfinne Special Zone Towns, Addis Ababa City and Adama Town at a cost of
[10] ten million birr. These portable gas stations will be deployed in Oromia Regional State
Gelan Town of Finfine special zone, Addis Ababa City and Adama towns as pilot project. The
portable gas stations will be deployed in Addis Ababa and surrounding towns especially
through the gate root of Addis to Djibouti main road, where there is heavy traffic and limited
number of gas stations. Considering the shortage of gas stations in the area we designed this
project. Our company wants to build gas stations in Gelan Town of Finfine special zone Oromia
Regional state by requiring investment land available for gas station construction from the
Town. For the time being we have imported portable gas stations that can be deployed in areas
where there is a heavy traffic.
Alajaba Oil is the portable gas stations that will be deployed in Gelan town. The company will
have base 500 m3 depot and the main station in the service village of Galan. The beginning plan
of the company will start using 6 portable stations for Addis Ababa City and Finfinne special
zone Towns. In the future we will import more portable gas stations and deploy them in Addis
Ababa and the regional capital towns where there is shortage of gas stations based on the
economic benefit of the company. The company will use two way of installation system for the
operation of portable gas stations. The first one will be installed in areas where is no gas station
adding that the portable gas stations will be operated by youth groups organized under Small
and Medium Enterprises using open space lot.
Accordingly, we will hold talks with the Addis Ababa City Administration and Finfinne special
zone towns Administration to secure plots of lands where the portable gas stations will be
deployed. Youths organized by SMEs will run the portable gas stations and Alajaba Oil will
17
supply petroleum products and lubricants. We want to contribute our share to alleviating youth
unemployment. The second way of installation will be operated portable station loaded by
vehicle. For the success of its goal the company’s sells department will apply the Google play
application that has short code of telephone number that organized with special telephone
operators. Since the company’s mobile station which loaded by vehicles is ready to access the
service at the place of ordered and the operator receive the order and give information for the
nearby mobile station.
Alajaba Mobile Oil Company will sell itself for the customers on market using social media, its
website and its Google play application.
The company’s mobile station operations will supply for the following target customers:-
 Commercial and private transport,
 Construction companies,
 Power Generation,
 Agriculture companies,
 Manufacturing: Cement, Metal Steel, Pulp and paper, sugar,
 Mining site,
Each portable gas station has a fuel tanker that can store 44,000 tons of fuel, fuel pump, lubricants shop
and office. They will be installed in unoccupied plots and can be redeployed when the land is needed for
development. Also the mobile station loaded by vehicle will be the main goal of the company to address
the service at place in Addis Ababa. The company’s sells cost may not the same with other station
because of the addition of mobile transportation service charge.
According to the company’s owner, the portable gas stations are imported from international market at a
total cost of [10] million birr. In the future the portable gas stations could be produced locally. The gas
stations will be inaugurated in the presence of the Galan town Administration officials. There are about
710,000 vehicles in Ethiopia, with 70 percent of them concentrated in Addis Ababa and the area. There
are only 100 gas stations in the capital where there are more than 400,000 registered vehicles.
The Ethiopian Petroleum Supply Enterprise admits that Addis Ababa as well as regional towns is
underserved when it comes to fuel distribution. According to the Ethiopian Petroleum Supply Enterprise,
there are only 100 gas stations in Addis Ababa which most of them are old and have limited storage
capacity. Each gas station serves more than 4000 vehicles and this is too much. Therefore, the service of
LPG for the customer in Addis Ababa and the near towns as well as regional capitals in the country
needs the special way of supplying service because of the scarcity of enough land for the modern gas
stations.

18
There are a total of 800 gas stations across the nation for a country with 100 million people. Neighboring
Kenya, with a population of 40 million, has 2,000 gas stations. Alajaba Oil PLC established in
September 2019 by Abdulwase Ahmed Ibrahim and his Family with an initial investment capital of 42
million birr. The company has raised its paid up capital to 200 million birr. Alajaba Oil started its
operation with the main and the first big gas station of the Alajaba service plaza in the Galan Tawon, 6
portable stations and two stations in Addis Ababa City and Adama Town.
After its inauguration Alajaba Oil has built additional gas stations in various regional towns. The gas
stations are built in Hawassa (in front of the Hawassa Industrial Park), Modjo and Dire Dawa. The 80
percent of the gas stations are owned by Alajaba Oil while the remaining 20 percent are operated by
dealers. Alajaba Oil has signed a dealership agreement with Petronas Lubricants, an Italy-based
company that enables the indigenous oil company to import and distribute motor oil and other lubricants
in Ethiopia. The agreement was signed recently and Alajaba Oil will begin importing the Petronas
lubricants from Italy. Alajaba Oil will make agreements to supply fuel and lubricants to the big city
transportation Service Enterprises. The company has built a gas station at the motor pool of the big city
transportation Service Enterprises.
Following its establishment, Alajaba Oil is directly processing to join the aviation fuel market in
Ethiopia with its newly organized portable station. So far Oil Libya, NOC, and Total supply jet fuel to
Ethiopian Airlines, private charter airlines and foreign airlines flying to Addis Ababa. Alajaba will
submit its proposal to the Ethiopian Airports Enterprise to build aviation fuel depots in Addis Ababa
Bole International Airport, the future branch of Bole International Airport, Dire Dawa, Jigjiga and
Hawassa airports.  The newly-established company is to start importing and distributing LPG. The
company is establishing Alajaba Gas, a business unit that deals with the import and distribution of LPG.
The gas will be imported from Kenya, Sudan, Sued Arabia and the other based on the company’s and
country’s benefits. “The gas cylinders are transparent and customers can see the level of gas.” The
company will build an LPG tanker facility and the main big gas station in Alejaba Auto cumulative
service providing plaza of Galan town. Within the coming five years the company will build one main
station in Alejaba Auto cumulative service providing plaza of Galan town and two gas stations and six
portable gas stations which will create more than 200 jobs and plans to increase the number of gas
stations.

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 3. Market Analyses
3.1. Nature and Size of Demand for Petroleum Products
3.1.1. Project Ownership and Structure
3.1.2. Organization Structure

Shareholders Assembly

Board of directors

Auditors

CEO

Legal advisor Manager Corporate

Manager Finance Manager human Resource Manager Sales &Marketing Manager operations

Manager fuels Manager Lubes Marketing Manager (NFR) non fuels retailing
marketing

3.2. Proposed Location

As aforementioned on the introductory part the envisioned project is intended to be located in
Oromia Regional state Finfinne Special Zone Galan Town. The head office of Organization will
be Addis Ababa with rented building and leased land for the depot. The 1 st filling station will be
located in the one commercial area of Galan Town in the Alajaba Automotive collective service
providing plaza. The other portable station will be distributed from Galan Town to Addis Ababa
and surrounding area.

Petroleum is one of the most traded items in the world. Petroleum is a necessity product and the
nature of its demand is inelastic. Unlike other businesses whose demand is impacted by price
and other economic variables, the consumption of petroleum products in Ethiopia continues to
increase even in the face of any economic slowdowns. Demand for petroleum products such as
fuels & Lubricants in Ethiopia are massively growing at an average rate of 10% over the last

20
five years (since 2004). As of 2009, the overall size of demand for fuels & lubricants amounts
2.5 billion liters and 25 million liters respectively.
3.3. Past Demand
According to mot report due to the increasing price of petroleum most vehicles currently are
Naphtha and those vehicles which are using Benzes are converted in to Naphtha.
Table: 2 Inspected and Registered Vehicles by License and Plate Type
Types of License 1999.00 2000/01 2001./02 2002.03 2003/04 2004/05 2005/06 2007/08 2008/09
1. Government 16081 16611 17278 17070 20013 21581 27365 27210 31200
2. Mass 239 256 294 261 1657 2271 2880 3852 4417
Organization
3. UN 1015 1001 954 1056 1202 1221 1548 1386 1589
4. C.D 819 815 921 1060 1050 1099 1394 1318 1511
5. AID 3794 4280 4219 4052 4384 4828 6122 6292 7216
Organization
6. OAU 134 132 157 217 225 250 317 330 379
7. commercial 30851 33311 34995 34931 50046 58120 73697 81761 93752
8. Taxi 10156 10632 12010 12506 14523 20062 25439 34282 39310
9. Private 9859 10661 11531 8245 14988 17263 21890 24014 27536
Commercial
10 Private cars 42258 43858 47905 53540 58221 65930 83600 89555 102690

Total 11206 121557 130264 132938 166309 192625 244252 270000 30960
Sources Ministry of Transport

Most oil products are consumed in the transportation sector, which accounts for at least two
thirds of the country’s total petroleum products consumption. The country’s total petroleum
product consumption sector is about two- thirds. The sectorial breakdown is approximately as
follows; transport 69% industry 10% households 21%.

3.4. Forecasted Demand

According to transport ministry the growth of vehicles is 7% and 9.4% for minibus and bus’s
respectively. Based on the above data the forecasted number of the vehicles in the country for
the coming 10 years is as follows.

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 Table: 3 Forecasted numbers of the vehicles in the country for the coming 10 years
Types of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
License
1. Government 32448 33746 35096 36500 37960 39478 41057 42699 44407 46184 48031

2. Mass 4594 4777 4969 5167 5374 5589 5812 6045 6287. 6538 6800
organization
3. UN 1653 1719 1787 1859 1933 2011 2091 2175 2352 2352 2446
4. CD 1571 1634 1700 1768 183 1912 1988 2068 2151 2237 2326
5. Aid 7505 7805 8117 8442 8779 9131 9496 9876 10271 10681 11109
Organization
6. OAU 394 410 426 443 461 480 499 519 539 561 583
7. Commercial 10256 112206 112753 134292 4696 160725 175834 192362 210444 230226 251864
5
8.Taxi 42062 46015 50341 55073 60250 65913 72109 788807 86303 94415 103290
9Private 29464 32233 35263 38578 42204 46171 50511 55259 60454 66136 72353
commercial
10 Private 17457 190983 208935 228575 250061 273567 299282 327415 358192 391862 428697
cars 3
Total 3968 431528 469387 510696 55776 604976 658680 717305 778309 851192 927503

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3.5. Supply & Distribution

Ethiopia’s current refined petroleum products are delivered at the port of Djibouti and Port
Sudan and trucked more than 600 KM and more than 1,500 KM respectively inland by many
tanker trucks that use the road in each direction.

22
Table: 4 Petroleum Consumption: transport sector
Petroleum products consumed in transport sector by quantity Total amount of
Year Road Transport Aviation petroleum
(motor Vehicle) products
MGR(motor Gasoil Sub –total Jet/Kerosene consumed in
Gasoline Regular) transport sector
1197/98 122995 557640 680635 252302 932937
1998/99 135,469 542936 678406 238836 917241
1999/00 142526 548787 691313 224177 915490
2000/01 129964 610835 740799 225431 966230
2001/02 133111 623197 756308 259786 1016095
2002/03 148555 679281 827837 259630 1087467
2003/04 130415 688527 818943 294699 1113642
2004/05 146094 773256 919350 334638 1253988
2005/06 137193 811689 948882 370401 1319283
2007/07 143743 905478 1049221 401311 1451532
2007/08 139093 1073148 1212241 482173 1694414
2008/09 150099 1203567 1353666 506497 1860163

2009/10 155806 1237922 1393728 529857 1923584

2010/11 141397 1213751 1355149 558462 1913610

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 Table: 5 Total Amounts of petroleum imported and consumed
Year Petroleum products by quantity Total
LPG MGR(Motor Jet/Kerosene Gasoil LFO HFO
(Liquefied Gasoline (Light (Heavy
Petroleum Regular ) Fuel Oil fuel Oil
Gas)
1997/98 4401 122995 252302 557640 107576 - 1044914
1998/99 1304 135469 238836 542936 96025 - 1014571
1999/00 1283 142526 224177 548787 61566 54954 1033293
2000/01 - 129964 225431 610835 49149 61973 1077352
2001/02 - 133111 259786 623197 40988 80894 1137677
2002/03 - 148555 259630 679281 41865 93804 1223136
2003/04 - 130415 294699 688527 40770 90078 1244489
2004/05 - 146094 334638 773256 43185 110048 1407221
2005/06 - 137193 370401 811689 41521 117198 1478002
2006/07 - 143743 402311 905478 42255 116429 1610216
2007/08 - 139093 482173 1073148 49692 138059 1882164
2008/09 - 150099 506497 1203567 36421 116506 2013089
2009/10 - 155806 529857 1237922 10714 100967 2035265
2010/11 - 141397 558462 1213751 37613 99563 2050787

Form the total 2, 050, 787, 1,913,610 MTR is consumed by transport sector and the remaining
by industries and other.

3.6. Types of products

1. Fuel products: Gasoline (Benzene) LPG (Liquefied petroleum Gas), Gas Oil (Naphtha) and
kerosene, Aviation fuel (Avgas and Jet A-1),
2. Lubricants, Bitumen and greases,
3. In addition to the provision of Fuels, Lubricants and other specialized products like Modern
car wash Lub change supermarket cafes and restaurant Services will be added by leasing out
our premises to companies that offer services.

24
Although the company planned to distribute the above product in the first few years of the
project at the expansion stage other related activities like distribution of tier petrochemicals for
paint and detergent will be added.

3.7. Target customers

 Commercial and private transport,
 Construction companies,
 Power Generation,
 Agriculture companies,
 Manufacturing: Cement, Metal Steel, Pulp and paper, sugar,
 Mining,
3.8. Competitors Analysis
Fuels are generally homogeneous products from the same source transported the same way and
are generally sold in a similar manner. The market for fuels is therefore very competitive since
product differentiation is closely tied to the marketer’s corporate reputation. But our company
will establish in the form of portable gas station that provide service differently. Therefore, our
company will have identified ourselves as the fuels supplier of choice through our innovative
approach of mobile station service to the marketing and competitive pricing.

Currently, there are very few Oil companies operating in Ethiopia the current players are
TOTAL, National Oil Company (NOC), Oilbya, yetebaberut Beherawi petroleum s.c (YBP),
Kobil Ethiopia, Nile petroleum, Wadi AL Sudus (WAS) petroleum Ethiopia and TAF. As
compared to neighboring countries, Ethiopia has few number of oil Companies with less
competition and providing better service. A case in point is Uganda and Kenya where over 50
independent companies are engaged in the distribution of petroleum products with aggressive
competition in the industry. Despite persistent and increasing growth in the demand for
petroleum products the network expansion (the number of outlets being built) and supply by
existing Oil companies is not adequate. Recent trends in the exit of multinational Oil companies
is further weakening the strength of oil industry to service the growing demand of the nation for
petroleum products. In view of the current trends in economic growth and government plan to
invest millions of dollars is infrastructure, hydropower projects, mining and other sectors, the
current gaps between demand and supply in the petroleum sector is wide.

25
Table: 6 the number of oil company in Ethiopia
Company Address No of stations Products
Total +251 011 465 11 25 Petroleum LPG Lubricants
NOC Petroleum LPG Lubricants
Oilibya 180 Petroleum LPG Lubricants
YBP 251 11 4400965/67 Petroleum LPG Lubricants
Kobil Ethiopia +25111 4674500/56 Petroleum LPG Lubricants
Nile Petroleum Petroleum LPG Lubricants
WAS Petroleum LPG Lubricants
TAF Petroleum LPG Lubricants
Dalol 251 114163838165757 Petroleum LPG Lubricants
Ghion Gas PLC 251-0112793360 One filing station and 220 Gas only
0112794771 distributers

Table: 7 All Product Volume Trend

26
Table: 8 All Product Volume Trend

Table: 9 LPG Distributions in Metric Tone

LPG Distribution in Metric Tone

Companies 2010 2011
NOC 2742 2895
YBP 0 0
TOTAL 1049 730
KOBIL 0 18
INDUSTRY 3791 3643

NB this data does not include LPG distributed by Ghion Gas PLC
3.9. Why Major International Oil Companies [SHELL, MOBIL &AGIP] are
Left the Ethiopian Market?
There are two basic reasons why these multinational companies are leaving not only the
Ethiopian market in particular but also the African market, first reason is safety. The stringent
operation safety requirement such companies have made their continual operation in the Africa
market very difficult due to increased number of fatalities due to high degree of exposure and
unsafe road conations. Second reason is “Shift in strategy most of the multi- national Oil
companies are engaged in both up-stream and downstream business. When such companies
compare exportation & production with the distribution business, the income from up-stream
taker the lion share. Hence they have embraced on a strategy which they call “focus on
upstream, profitable downstream “As a result they are divesting their resources from their down
27
–stream business in Africa and Expanding their investment into more profitable and emerging
markets such as China, India Indonesia Etc.
3.10. Marketing
The company will offer through mobile station retail customers the most convenient ways to
fuel through our service station. In Addition to cash payments for fuel and other non- fuel
purchases, we have innovated various fuel management systems to make fueling at our outlets
an addition to VISA card. The fuel cards are available to our customers on pre-paid and
postpaid terms and most of them are enabled for both fuel and non-fuel purchases at our
services station. In addition to the comfort associated with the use of our fuel cards as a mode of
payment, we will offer irresistible discounts for card holders. Our excellent customer service
irresistible product offers competitive pricing and eye catching branding will make us the
markets of choice in all our markets
4. Regulation License and incentives (Legal Analysis)
4.1. Regulatory Requirements
The legal status of business tends to play an important role in any setup; the proposed
petroleum, LPG and lubricant marketing and distribution business. The company is assumed to
operate on as private limited company as it is mandatory for an oil or gas company to register as
private limited company.
4.2. License
Any Company willing to distributed and market Oil and gas to obtain a license from OGRA
(OIL Gas Regulatory Authority). Additionally, License from explosive department is also
required for the proposed LPG marketing and distribution business OGRA (OIL & GS
Regulatory Authority) issues provisional license to technically and financially sound
applicants /parts for construction of works commensurate with their work program for, a period
of one year. OGRA inducts reputable third party inspectors to check /mother compliance with
the terms and conditions of licenses. The licenses can be cancelled in case of non- compliance
with licensing terms and conditions.
4.3. Pre- qualification for License
Following requirements are required to be fulfilled for obtain a license
 Pay order bank Draft /-in favor of oil & Gas regulatory authority, as License fee
 Minimum capital requirements: 100,000USD for foreign investors

28
 600,000 USD if in joint venture with local investors
 Proof of registration of the company (company incorporation certificate)
 Memorandum and Article of Association
 Location of the tentative /Proposed site
 Financial competence certificate issued by a bank (original and stamped)
 Minimum Work program
 Number of storage tanks and capacity of storage tanks
 Bottling facility capacity
 Quantity of LPG to be distributed per day or per month
 Identification of area where distribution& marketing of LPG is planned
After companies meet the pre- qualification criteria the following criteria should be fulfilled
 Professional competency papers from ministry of trade & investment,
 Licensing 7 regulation kit from the investment office shall be filled,
 Through principal registration the minimum legal competency requirement to be
fulfilled are: -
o 500 m3 tanker,
o Minimum 6 portable stations of which two must be ready for functioning and the rest
will function within 5 years,
o Local investors shall be willing to work in joint venture with foreign investors if
need arise.
However, to distribute LPG, establishment of stations is not necessary. With regard to lubricants
companies cannot distribute lubricants alone; it should be along with petroleum in which pre-
qualification & qualification requirements should be falsified.
5. Environment Analysis
5.1. Location of the Project
The company will have its head office in Addis Ababa. The company will also construct its
mini depot in the Oromia Regional State Finfinnee Special Zone Galan Town and its portable
gas station during its first five years of operation. The company will have carefully identified as
strategic cities, towns and locations at which its services stations are going to be build. As a
strategic, we will focus to optimally invest in trade areas with significant traffic flow and
locations, which are convenient and accessible for motorists. In addition to the traditional
channel of providing services solely through mobile service stations, the company will also
29
introduce using social media, websites and Google paly Application its unique channel to
provide portable gas station service by getting much closer to end users.
5.2. Environment Analysis
The assessment of possible impacts on the environment prior to the approval of a project
provides an effective means of harmonizing and integrating environment economic cultural and
social considerations into a decision making process in a manner that promotes sustainable
development. The Environment assessment regulations LI299/2002, was proclaimed in 2002 to
give complete legal status to the Ethiopian environmental impact assessment procedures. The
regulations require that all development activities likely to impact adversely on the environment
must be subject to environment assessment. The objective of the LI is to ensure that such
development activities are carried out in an environmentally sound and sustainable manner.
Ecologically sound development of the region is possible when energy needs are integrated with
environmental concerns at local and global levels, for which an integrated planning framework
would be necessary. The implementations of the project will respect environment rights and
objectives enshrined in the constitution by predicting and managing the likely adverse
environmental impacts and will maximize the socio- economic benefits.

6. Financial Analysis
6.1. Initial Project Costs (‘000) in Birr
Table: 10 Initial Project costs
Type No Specification Unit cost Total cost
Pick up 1 Toyota Hilux 1000 1,500
Fuel cargo 1 Turbo 1,250 1,250
Automobile 1 Toyota Hilux 600 1,200
Cobra Vehicle 1 Toyota V6 750 1,500
Depot- petroleum [LPG] 1 17,475
Outlet 1 With 3 get 2500 5,000
Portable Gas Station with 6 1,666.67 10,000
its loading car
Office furniture’s 100
Computers 150
Working Capital 2,000
Others (contingency) 2,025
Total 42,200

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 6.2. Expansion Project Costs (‘000) in Birr
Table: 11 Initial Project costs
Type No Specification Unit cost Total cost
Pick up 5 Toyota Hilux 1000 5,000
Fuel cargo 2 Turbo 1,716.67 3,433.33
Automobile 3 Toyota Hilux 300 900
Toyota Land Closure 4 Toyota V6 750 3,000
Depo 1 25,000
Outlet 25 With 3 get 500 12,500
Portable gas station 25 300 7,500
Office furniture’s 700
Computers 600
Working Capital 3,500
Others (contingency) 2,025
Total 64,158.33

6.3. Price of Fuel

A government committee also revises the retail prices of petroleum products every three
months’ lubricants and greases however are being directly imported by the oil companies with
the intervention of government in setting prices on a quarterly basis. The margin set by the
Ethiopian government on lubricants and freezes is attractive as compared to the slim margin of
fuel. In the rear 2008, the overall consumption of fuels in Ethiopia was over 2 billion liters.by
the same year nationwide Lubricants and greases is expected to continue in a similar pattern
over the next years. Increased economic activity coupled with increased government spending
in the areas of infrastructure power, mining and other sectors continues to further expand the
demand for petroleum products for long, few multinational oil companies with little competition
to satisfy the increasing demand had controlled the petroleum industry. The service that
provided by the Alajaba Oil company will different way of delivering the filling of gas that
comprising the transportation service charge that considered in addition to the revised retail
prices of petroleum products in the country.

31
The current distribution margin and retailers margin is as follows:
Table: 12 the current distribution margin and retailers margin
Types of fuel Distributors profit margin cents Retailers profit margin cents
per liter, per liter
MGR 7.75 4.00
Kerosene 5.35 4.00
Jet Fuel 14.00 0.000
Light Fuel Oil 5.00 0.00
Heavy Fuel Oil 5.00 0.00
Source: Ethiopian Petroliam Enterprise (EPE)
As you we can see from the above table, jet fuel is the cost profitable business. The price and
the profit margin for lubricants and other oils are put on range with high profit margin.
6.4. Risk on Investment for Petroleum Investment
The nature of investment on petroleum business is such that once the network of service stations
is build the amount of capital investment on fixed assists will be minimal whilst a significant
proportion on investors being the next liquid form of asset next to cash being engaged in the
sectors provides investors with flexibility to diversify business. In addition, oil companies are
also enjoying a 15 days’ credit on supply of fuels from Ethiopia petroleum Enterprise (EPE) an
incentive the Ethiopian government has provided to facilitate a smooth distribution of the
products across the country. Form control point of view, the petroleum business is a safe
business for investors as costing and pricing mechanisms are highly transparent and automated.

32
6.5. Incomes Statement
Table: 13 Incomes statement

33
7. Conclusion
To summaries future trends in petroleum lubricant and LPG market will influence the future
demand of and supply numbers of vehicles are agriculture and a lot of heavy industries like
textile and metal open industries in the country. According to central statics survey; between
1998 and 2002 the number of manufacturing industries increased from day to day. The other
competitive advantage of the sector is since there are very few companies which destitute
petroleum (9), lubricants and LPG (4).
Based on the project evaluation criteria’s, the project is feasible enough (see the following
table)
Table: 14 Feasibility criteria for the project evaluation.
Indicator Calculated Criteria Decision
1. IRR 29% Should be greater than the market Accepted
interest rate ;28%
2. NPV 60, 912, 000 birr Should be greater than zero Accepted
3 Payback period 4 years & 7 months Should be shorter Accepted

34
8. Reference
1. GTZ Ethiopia bioenergy market assessment report.
2. World Bank energy consumption report.
3. Petroleum operations No 295-1986 62-70 Addis Ababa Ethiopia.
4. Oil and Gas in Africa, African development bank
5. Report on large and medium scale manufacturing and electricity industries survey
central satiric authority,
6. Investment Guide, Addis Ababa Ethiopia.
7. Commercial code of Ethiopia 1960 Addis Ababa Ethiopia.
8. Investment Guide of Ethiopia, Addis Ababa Chamber of commerce.
9. The management of commercial Road in Ethiopian, Addis Ababa Chamber of
commerce.
10. Oil price and profit margin, ministry of trade and transport and Ethiopian petroleum
enterprise.
11. Energy law in Ethiopia Girma Hailu.
12. Quarterly reports of Ethiopian petroleum enterprise.
13. The prospectus of Dalole Oil Company.
14. The prospectus of National Oil Company.
15. The prospectus of Oil Libiya Company.
16. The prospector of yetebaberut Oil Company.
17. The prospectors of total Oil Company.

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