A newly-established "United National Petroleum Share Company" officially launched its activities at a ceremony held at the Sheraton Addis last Saturday.

The company that started by 21 shareholders with a paid-up capital of 21 million birr some months ago has now increased its capital to 50 million birr.

The United National Petroleum Company, which is wholly owned by Ethiopians, is the first petroleum and petroleum products distributor in the country

It is supplying oil in collaboration with the British Petroleum (BP), one of the three leading fuel companies in the world.

Speaking on the occasion the general manager of the company, Ato Tesfaye Mekonnen, said that establishing the company was not easy as bureaucratic procedures in all concerned governments were challenging and at times frustrating. He nevertheless appreciated the co-operation of the officials at the Ministry of Trade and Industry for making the company a reality.