Project Proposal on Establishment of Motel

(Fuel Station with Accessary Services)

[Fuel sales* Oil, lubricants and car accessories sales* Café service* Supermarket*
Guesthouse* Car Wash* Tire Filling service as well as Auto-Repair & Maintenance*]

Owner: Abdihakim Egal Omar

Presented to: Somali Regional State

Investment Bureau

July 2023
Siti Zone, Dembel Wereda,
Dure Kebele
Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

Contents
Contents ..................................................................................................... 1

1. BACKGROUND .......................................................................................... 4

1.1. THE PROJECT ...................................................................................... 5

1.2. PROJECT / COMPANY OBJECTIVE ........................................................... 5

2. MARKET ANALYSIS .................................................................................... 5

2.1. ACTORS IN THE PETROLEUM BUSINESS ................................................. 6

2.1.1. PRODUCTS DISTRIBUTORS ............................................................. 6

2.1.2. TRANSPORTERS ............................................................................. 7

2.1.3. RETAILERS .................................................................................... 7

2.2. DEMAND FOR PETROLEUM .................................................................... 8

2.3. SUPPLY OF PETROLEUM ........................................................................ 8

Table: Annual petroleum products import performance (in metric tons) .............. 10

2.4. PETROLEUM DEMAND - SUPPLY GAP .................................................... 10

Table: Estimated demand - Supply gap in metric tons / thousands of liters per
annum. ..................................................................................................... 11

2.5. MARKETING STRATEGY ......................................................................... 12

3. TECHNICAL ANALYSIS ............................................................................. 12

3.1. PROJECT LOCATION ............................................................................. 13

3.2. ORGANIZATION AND MANAGEMENT ....................................................... 13

3.3. HUMAN RESOURCE REQUIREMENT ......................................................... 13

4. FINANCIAL ANALYSIS .............................................................................. 13

Table: Summary of Fixed Assets ................................................................... 13

Table: Depreciation ..................................................................................... 13

Table: Capacity & Cost Of sales .................................................................... 14

Table: Personnel Plan .................................................................................. 14

Table: Working capital Determination ............................................................ 14

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

Table: Summary of initial investment ............................................................ 15

Table: Sources of Finance ........................................................................ 15

Table: Loan Repayment Schedule ................................................................. 16

Table: Profit and Loss Statement .................................................................. 16

Table: Cash Flow Statement ......................................................................... 16

Table: Balance Sheet Statement ................................................................... 17

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

0. EXECUTIVE SUMMARY

This project proposal is prepared to establish new Motel (Fuel Station with
Accessary Services) in Siti Zone, Dembel Wereda, Dure Kebele. Our market Study
shows that there seems to be a huge market for petroleum products in the Zone,
especially around the Dembel Wereda, where the project is proposed to be
implemented.

At full capacity operation, the project is planned to make a weekly sales distribution
volume of 120,000.00 liters of Diesel oil; 60,000.00 liters of Gasoline; 30,000.00
liters of Kerosene; 50,000.00 liters of Jet A1, 500.00 liters of Lubricant oils and
250.00 liters of Grease & other lubricants.

The project is proposed to be established on a 40,000-meter square land located by

the side of the main road in Dure Kebele.

The total investment cost of the project is planned to reach ETB 18,200,000, from
which 30% (ETB 5,460,000.00) is contributed by the owner while the remaining
70% (ETB 12,740,000.00) is expected to be financed by Bank Loan.

The project will create a job opportunity for 14 permanent workers during operation
phase. Further, on average 20 temporary workers shall be employed during the
construction period.

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

1. BACKGROUND
Ethiopia is the second populous nation in Africa, from Nigeria, with a
population of 95 million with double digit average GDP growth during the
last ten years. The country is one of the most preferred nations in the
continent for foreign direct investment while the government follows an
economic policy of agriculture led industrialization. With the gradual
development of the manufacturing sector, and increasing middle class
population the demand for energy is continuously increasing.

The energy sector of Ethiopia is overwhelmingly dominated by biomass

energy which accounts for about eighty-eight percent (87.9%) of the total
consumption. Biomass energy comprises of wood, charcoal and agricultural
residues and is mainly used for residential and commercial cooking. Some
manufacturing industries such as sugar and team production plants also use
biomass residues. The remaining ten percent of the energy supply is
contoured by petroleum. (9.2%) electricity (2.6%) and solid fossil fuel
(0.2%)1.

Ethiopia imports its oils and refined petroleum products from international
suppliers through the Ethiopian petroleum supply enterprises (EPSE), which
is an enterprises formed by the merger of former two state owned
organizations, the National Depot Administration (NDA) and the Ethiopian
petroleum enterprises (EPE). EPSE is a sole petroleum products supplier in
the country that purchases products in bulk, manages oil reserve and
wholesales to distributors.

Ethiopia purchase petroleum products from two sources through bilateral

agreements with foreign governments and international auctions for private
oil companies. Currently Ethiopia buys petroleum products from the Kuwait
Petroleum Corporation and Sudan through these bilateral agreements.

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

1.1. THE PROJECT

This project is the establishment of a full service gas station as per the
commercial law of Ethiopia and the regulations set forward by various
competent organs. The envisaged company is to be established on a 5,000
meter square land located at a convenient location in Dure Kebele of Dembel
Wereda, Siti Zone of Somali Region.

1.2. PROJECT / COMPANY OBJECTIVE

The immediate objective of the company is to participate in the purchase
and distribution of petroleum and petroleum products and related services in
the Zone thereby generating financial profit.

In the long term, the project has the objective to participate in the up-
stream petroleum and /or natural gas value chain development pursuant to
the country’s progress in oil exploration and extraction achievements.

2. MARKET ANALYSIS
Ethiopia imports all its petroleum consumption from abroad in a refined form
through the state owned enterprise, Ethiopian petroleum supply enterprise
(EPSE). The petroleum sector is characterized by four players; each
allocated a distinct role to play in the operation. EPSE is the sole importer
and wholesaler of petroleum products in the country. The enterprise imports
petroleum products from the intentional market and wholesales the products
to distributors from Djibouti port upon calculating its own profit margin.

The profit margin of the enterprise is the difference between the import cost
(international fuel cost, freight and insurance) and the monthly selling price
(to distributors) set by ministry of trade. EPSE imports all petroleum
products with the exception of liquefied petroleum gas (LPG), Bitumen
products and lubricants.

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

The products exception to the EPSE are imported and sold by the distributors
at their own discretionary pricing petroleum gas (LPG). bitumen products,
and lubricants. The products exception to the EPSE are imported and sold by
the distributors at their own discretionary pricing.

The other determinant player, the federal ministry of trade sets the domestic
prices of petroleum products routinely for a specific period, usually one
month. By doing so, the ministry determiners the profit margin per liter of
each product for the all the three players, EPSE, distributors, transporters
and retailers.

2.1. ACTORS IN THE PETROLEUM BUSINESS

2.1.1. PRODUCTS DISTRIBUTORS

Distributors are responsible for purchasing in bulk from the EPSE and sell in
bulk to the retailers which are affiliated to them, with predetermined buying
and selling prices and margins per product per liter. Distributor are also
required to hold minimum reserves of 500 cubic meters of refined products
at their depots to avoid fuel shortages during imports, unloading and
transportation of product to retailers. Distributors are also the major players
in the sector to promote their company brands to attract customers to their
brand services and oil and lubricants they distribute under their name and
መlogo.

There are some 12 licensed petroleum distribution and marketing

companies, in the country , out of which five (Total, oil-Libya, Kobil, TAF Oil
and Wadi Al Sundus) are foreign based and the remaining seven (National
Oil Co. of Eth. NOC, Yetebaberut petroleum YBP, Dalol petroleum, Nile
petroleum, and the recent entrants marathon petroleum, Tebarek petroleum
and always petroleum) are local established companies after the enactment
of a law that enabled local companies to participate in the petroleum

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

business in 2004. However, a major market share of 60% is still owned by

the foreign based firms.

2.1.2. TRANSPORTERS
The oil tanker fleet in Ethiopia is characterized by old and inefficient vehicles
mainly due to the fact that the oil tankers are mostly imported from abroad
for dire costs and the import of such high value commoditized impacts
foreign current of the country. According to statistics obtained from the
federal transport author, there are 1,200 trucks that transport fuel from
Djibouti to Ethiopia, from Sudan to Ethiopia and from the companies to their
respective regional retailing stations. The vehicles are owned by 18
associations operating in the country 2.

The petroleum transport sector is frequently blamed for shortage of

petroleum products the encounters oftentimes. The ministry of trade, which
oversees the prices and operation of petroleum and patrolmen products
business sin the country, hopes that the current challenge posted by the oil
transport shortage would be solved sustainably when the railway service
(under construction) is operational.

The duty of contracting a transporter for a specific period of time is that of

the distributing company for a fixed price determined by ministry of trade
the same way as done for distributors and retailers. According to the
information gathered from the ministry of trade, the transportation price for
one liter of a petroleum product ranges from birr 0.09098 to birr 0.15885
per kilometer based on the type of vehicle and the quality of road used.

2.1.3. RETAILERS
The retail business of petroleum products in Ethiopia is run by fuel station
owners of fuel stations are required to be distinct from fuel stations are
required to be distinct from fuel distribution and marketing companies. On

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

the other hand, distribution companies are required to establish at least two
fuel stations before they commence operation and the number of fuel station
under their trade mark ha to reach at least six in five years. If distributors
construct fuel stations themselves, they would need to transfer the retail
operation to another person through rent. There are a total of 654 fuel
stations in the country owned by nine distribution companies out of which 89
percent owned by four big companies, oil Libiya, total, National Oil Ethiopia
9NOC), Yetebaberut, Beherawi petroleum (YBP) and the remaining 11
percent owned by / affiliated to five smaller distribution companies Kobil,
Dalol Oil S.C.., the Sudanese company wadi Alsundus, Nile petroleum and
TAF Oil S.C.

2.2. DEMAND FOR PETROLEUM

As motioned in the previous section, problem accounts for less than ten
percent (9.5%) of the energy consumption of Ethiopia including the
petroleum consumption for transport, cooking and commercial and industrial
purposes the country imports close to 3 million metric ton of petroleum
products per annum. Two -third of all petroleum imports are used for
transport sector consumption, while the remaining portion is used for
industries and urban area cooking purposes. Per capita petroleum
consumption of Ethiopia is 31.3 liters which is one of the lowest in the world,
where the global average over capital consumption is 733.7 liters.

The economic growth and population growth observed in the country entails
equivalent growth in energy demand. Accordingly, the demand for petroleum
products expands 10% every year.

2.3. SUPPLY OF PETROLEUM

Ethiopian petroleum supply enterprise (EPSE) is the sole supplier of
petroleum products to the nation. The enterprise built purchases refined
diesel, jet fuel, kerosene, gasoline (Benzene), heavy fuel oil and light fuel oil

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

from international suppliers and sells to the distributors in bulk. The

distributors, then dispatch to their affricate retailers (fuel stations) when it
comes to other petroleum products than fuel oils. Fuel oils are bulk sold to
commercial and industrial consumers without the involvement of fuel
stations.

On the other hand, the other petroleum products, gasoil, bitumen,

lubricating oils and grease are imported by the distributing companies and
sold to consumers /users through the retail stations and other outlet shops.
Distributors have the prerogative to determine their profit margin and selling
prices on the products’ they import on their own (without EPSE
involvement).

There is repeated outcry about the shortage of petroleum products supply in

the country due to the weakness of distributors and transporters. Some
distributors have limited financial capacity to address the market demand
whereas the transportation suffers from old and inefficient fleet vehicle.
Petroleum shortages are also observed during month - ends because of the
desire of the retailers to speculate price increases on stock on their hands, in
case the consumer prices are revised up by the ministry of trade (MOT).

Due to the above-mentioned bottlenecks on the transportation and

distribution, the supply of petroleum is usually less than the demand for the
products. This fact is deducted on the petroleum import data of the country
for the last nine years in which the supply for some petroleum products has
been, though irregular, increasing at a lower rate than the increase in
quantity demanded. The data obtained from the EPSE shows that the
average growth rate for all petroleum products during the nine years period
was 8%. Table II shows annual petroleum product import data during the
period.

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 Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

Table: Annual petroleum products import performance (in metric tons)

S.N Product 1998 1999 2000 2001 2002 2003 2004 2005 2006 Rate
Type
1 Diesel 811,013 925,389 1,072,793 1,202,994 1,237,078 1,182,725 1,402,848 1,322,548 1,558,342 9%
2 Jet / 368,670 411,357 482,219 505,700 529,786 548,765 553,780 613,735 700,744 8%
Kerosene
3 Gasoline 137,232 148,368 138,973 149,953 155,760 143879 161,470 193,032 211,598 6%
4 Heavy 116,822 116,435 137,679 116,331 100,870 97,102 107,984 122,875 114,995 0%
Fuel
5 Light 41,385 42,406 49,608 36,373 10,700 34,281 36,496 36,496 37,128
fuesl
Source: EPSE : years in Ethiopian calendar

To solve the problem and mitigate the negative impact the frequent
petroleum product shortage may have on the economic growth of the
country. The government has planned to participate in the distribution and
retail. Petroleum business, alongside private operators, by establishing fuel
stations throughout the country. This plan of the government would solve
the company petroleum shortage observed in the upcountry augmenting the
regional distribution of fuel stations.

2.4. PETROLEUM DEMAND - SUPPLY GAP

The vast majority of energy consumption of the country supplied by
traditional biomass fuel in the form of firewood especially in rural areas and
regional towns which needs transformation to modern energy supplies
mechanisms. With electricity comprising only 2.6% of the total consumption,
the need for improving petroleum consumption in the country, at least in the
short run is undeniable.
The second five year growth and transformation plan (GTP II) among other
things, focuses on expansion of the manufacturing sector which demands
expansion of the supply of energy, industries, such as the production of
cement require huge thermal energy which cannot be addressed by electric
power only. Hence, the need for expanding the consumption of petroleum
with expanding the manufacturing sector is imminent.

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Furthermore, number of vehicles in the country is increasing with

significantly in big cities mainly due to the relative increase in number of
middle class society and the need for private commenting following the
economic growth in the country. The cause for increasing number of private
vehicles in the country may also be interpreted as low development of mass
transportation means commensurate with population growth and demand for
transportation services. Increase in the number of vehicles for transport of
people and goods, will apparently increase the demand for petroleum in the
future in sight.

The current supply of petroleum grows (in average) about 8% while the
demand for petroleum assumed to grow by 10% annually. That means
current supply of petroleum falls short of addressing the growing demand
which results in chance plan or delayed consumption which creates distortion
on the timing of demand.

Based on the existing demand and the demand growth rate, there exists an
untapped demand for petroleum in the country which can be targeted by the
company as possible penetration as a new entrant to industry. If the
products imported by EPSE as presented under petroleum supply section of
this chapter are forecasted at the current supply growth rate, and compared
against the 10% demand growth rate, the remaining demand and supply
gap cannot be addressed by the existing distribution and retail operators.
The demand - and - supply- gap of petroleum under the exiting nominal
growth of consumption is forecasted in table III.

Table: Estimated demand - Supply gap in metric tons / thousands of liters per
annum.
Product 2007 Operating years / Forecast period
Type E.C 1 2 3 4 5 6 7 8 9 10
Diesel 15,583 34,128 56,055 81,842 112,023 147,202 188,058 235,350 289,936 352,776 424,945
Jet / 14,015 30,552 49,955 72,605 98,932 129,418 164,600 205,079 251,527 304,696 365,422
Kerosene

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Gasoline 8,464 18,282 29,620 42,663 57,615 74,703 94,179 116,324 141,447 169,891 202,038
Heavy 11,500 24,149 38,063 53,369 70,206 88,726 109,098 131,507 156,157 183,272 213,099
Fuel
Light 3,713 7,797 12,289 17,231 22,667 28,647 35,224 42,459 50,418 59,172 68,803
fuesl
Source: Consultant’s calculation from EPSE actual data.

The market gap shown in table III is expected to new entrant distribution
companies (and their respective retail establishments). However, the actual
market petroleum market gap is significantly more than the forecast figure
as the demand will increase in much higher rate due the significant economic
activity expansion expected in the country.

2.5. MARKETING STRATEGY

The company has to adopt a strong market penetration strategy so as to
enter the market and establish its own customer base and market share. It
also needs to employ a competent branding company to develop a strong
service brand in the market and introduce dimension of service to the
market. Advertisement and promotional activities have to begin before the
actual commencement of operation to facilitate service familiarity in the
market.

The company has earmarked adequate promotional and advertisement

budget right from the establishment of the company, which also increases
gradually down the line. The fund earmarked as ‘promotion expense’
amounts to 0.03% of operational costs which increases with the sales
revenue.

3. TECHNICAL ANALYSIS
The technical proposal of the project includes proposals for the civil works,
machinery and equipment in this case, filing stations infrastructure and the
associated machinery and equipment.

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Project Proposal on Establishment of Motel (Fuel Station with Accessary Services) July 2023

3.1. PROJECT LOCATION

The fuel station is deemed to be constructed at a convenient location at Dure
Kebele of Dembel Wereda, Siti Zone. The project requires 40,000 square
meter of land.

3.2. ORGANIZATION AND MANAGEMENT

The envisaged company resorts to organizational arranges that gives it
optimum structural efficiency in terms of timely decision, information and
resources floe with optimum number of manpower and competitive reward
package.

3.3. HUMAN RESOURCE REQUIREMENT

When fully operational, the company will hire some 30 employees including
professionals, skilled and semi-skilled and custodial employees. The
company has to make a long term strategy to highly develop the capacity of
its staff especially those in the sales and marketing department to prove the
company successful.

4. FINANCIAL ANALYSIS
Table: Summary of Fixed Assets
Description Value (Birr)
Buildings
4,787,196.00
Machineries & Equipment
6,400,000.00
Furniture
960,004.00
Total Fixed Asset
12,147,200.00

Table: Depreciation
Depreciation Original value Depreciation Annual Dep.
rate Value
Buildings
4,787,196.00 10.00 478,719.60
Machineries & Equipment
6,400,000.00 10.00 640,000.00
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Furniture
960,004.00 10.00 96,000.40
Total Fixed investment
12,147,200.00 1,214,720.00

Table: Capacity & Cost Of sales

Products Liters per week Cost, birr/year
Diesel oil 60,000.00 50,232,000.00
Gasoline 60,000.00 53,664,000.00
Kerosene 30,000.00 22,495,200.00
Jet A1 30,000.00 23,727,600.00
Lubricant oils 500.00 3,640,000.00
Grease & other lubricants 250.00 2,600,000.00
Total 156,358,800.00

Table: Personnel Plan

Monthly
Description Number Salary Annual Salary
General Manager 1 15000 180,000.00
Secretary/Cashier 1 6000 72,000.00
Accountant 1 8000 96,000.00
Café Waiters 3 4000 144,000.00
café Manager 1 7000 84,000.00
Sales Clerks 3 6000 216,000.00
Cleaners 2 3000 72,000.00
Guard 2 3000 72,000.00
Total 14 936,000.00

Table: Working capital Determination

Description Coverage Value, Birr
Diesel oil
2 weeks 1,932,000.00
Gasoline
2 weeks 2,064,000.00
Kerosene
2 weeks 865,200.00
Jet A1
2 weeks 912,600.00
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Lubricant oils
2 weeks 140,000.00
Grease & other lubricants
2 weeks 100,000.00
Wage & Salary
1month 39,000.00
Total working capital
6,052,800.00

Table: Summary of initial investment

Description Total Costs

Buildings 4,787,196.00

Machineries & Equipment 6,400,000.00

Furniture 960,004.00

Total Fixed investment 12,147,200.00

working capital 6,052,800

Grand Total 18,200,000

Table: Sources of Finance

Owners' equity Bank Loan
Description Total Costs
Amount % Amount %

Buildings 4,787,196.00 1,436,158.80 30 3,351,037.20 70

Machineries &
6,400,000.00 1,920,000.00 30 4,480,000.00 70
Equipment

Furniture 960,004.00 288,001.20 30 672,002.80 70

Total Fixed
12,147,200.00 3,644,160.00 30 8,503,040.00 70
investment
working
1,815,840.00 30 4,236,960.00 70
capital 6,052,800

Grand Total 18,200,000 5,460,000.00 30 12,740,000.00 70

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Table: Loan Repayment Schedule

Year Loan Interest Outstanding
Repayment (8.5%) Balance
12,740,000
1 4,246,667 1,337,700 8,493,333
2 4,246,667 891,800 4,246,667
3 4,246,667 445,900 0

Table: Profit and Loss Statement

Description Project Years
1 2 3
Sales 234,538,200 257,992,020 283,791,222
Direct cost of sales 156,358,800 171,994,680 189,194,148
Gross Profit 78,179,400 85,997,340 94,597,074
Gross margin (%)
33.33% 33.33% 33.33%
Operating expenses 35,180,730 38,698,803 42,568,683
Profit before tax and
42,998,670 47,298,537 52,028,391
interest
Depreciation
1,214,720 1,214,720 1,214,720
EBITDA (Earning
before tax, interest 44,213,390 48,513,257 53,243,111
and depreciation)
Interest expense 1,337,700 891,800 445,900
Profit tax (35%) 12,498,291 13,922,021 15,474,747
Net profit 29,162,679 32,484,716 36,107,743
net profit margin ratio
12.43% 12.59% 12.72%

Table: Cash Flow Statement

Description Production Year
Cash in flow 1 2 3
Owners' equity 5,460,000

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Existing Bank Loan

Additional Bank Loan 12,740,000
Net Profit 29,162,679 32,484,716 36,107,743
Depreciation 1,214,720 1,214,720 1,214,720
Total Cash in flow 18,200,000 30,377,399 33,699,436 37,322,463
Cash out flow
loan repayment 4,246,667 4,246,667 4,246,667
Capital Expenditure 12,147,200 - - -
Working capital 6,052,800 - -
Additional Working
capital
Pre-operating
0
expenses and interest
Total Cash out flow 18,200,000 4,246,667 4,246,667 4,246,667
Net Cash Flow
0 26,130,732 29,452,769 33,075,797
Cash balance
32,183,532 61,636,302 94,712,098

Table: Balance Sheet Statement

Description Investment Production Year
ASSETS 0 1 2 3
Current Assets
Cash 6,052,800 32,183,532 61,636,302 94,712,098
Other Current
0 0 0
Assets
Total Current
6,052,800 32,183,532 61,636,302 94,712,098
Assets
Fixed Asset
Buildings 4,787,196.00 4,308,476 3,829,757 3,351,037
Machineries &
6,400,000.00 5,760,000 5,120,000 4,480,000
Equipment
Furniture 960,004.00 864,004 768,003 672,003
Total Fixed
12,147,200.00 10,932,480 9,717,760 8,503,040
investment

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Total Asset 18,200,000 43,116,012 71,354,062 103,215,138

LIABILITIES
Long term liability
12,740,000 8,493,333 4,246,667 0
(Bank Loan)
Sub Total 12,740,000 8,493,333 4,246,667 0
CAPITAL
Owner's Equity 5,460,000 5,460,000 5,460,000 5,460,000
Retained Earnings 0 29,162,679 61,647,395 97,755,138
Earnings 29,162,679 32,484,716 36,107,743
Sub Total 5,460,000 34,622,679 67,107,395 103,215,138
Total Liability &
18,200,000 43,116,012 71,354,062 103,215,138
Capital
Net Worth 5,460,000 34,622,679 67,107,395 103,215,138

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