Gomeju Oil Ethiopia, an indigenous oil company, has opened two new petrol stations in Tulu Dimtu and Bishoftu, on May 7, 2017.
The company, established with an initial capital of 53 million Br in 2014 by Tewodros Yeshwase and his wife Genet Gebre-egizabher, who previously were engaged in coffee and grain export business, has now a total of 24 oil stations operating all over the country with a total capital worth 700 million Br.
The Gomeju Oil Ethiopia station at Bishoftu is built on 25,000 sqm of land at a cost of 250 million Br and has employed 112 people while the other 23 stations have an average of eight employees each.
During the launching ceremony at Bishoftu, Yigzaw Mekonnen, the general manager of the company, indicated that opening the station was not without challenges. "Penetrating the fuel market in Ethiopia is quite full of hardships hindering many interested investors from taking part in the market" said Yigzaw, mentioning lack of land, small price margins and problems of transportation as the discouraging factors.
Motuma Mekasa, minister of Mines, Petroleum and Natural Gas, Abiy Ahmed, head of the Oromia Urban Development and Housing Bureau, and Jemal Redi, head of the Industrial Development Bureau have attended the opening ceremonies.