(Ecofin Agency) - Libya Oil Ethiopia Limited, a subsidiary of the Libya Oil Holdings Ltd, plans to expand its investment and business in Ethiopia. The decision was made during a week-long meeting of the corporate management of the Dubai-based Libya Oil Holdings two weeks ago which was attended by eighteen country managers from different African countries.

The management made an assessment on Ethiopia's economic growth and agreed on the need to make additional investment and expand its business in Ethiopia. The planned investment is estimated at 150 million birr. Zekarias Wolika, sales and marketing manager Libya Oil Ethiopia, told Bernama news Agency "Considering the huge emphasis the Ethiopian government has given to the road sector development in the second Growth and Transformation Plan we want to significantly grow our bitumen supply capacity," Zekarias said. Libya Oil has also the plan to engage in chemical supply business as well as working on the aviation fuel supply aggressively. The company claims to have a 42 percent market share in the aviation fuel market. "We are planning to supply chemical inputs to paint and plastic factories. For the time being we will import the chemicals but eventually we will manufacture them locally, the company also supplies jet fuel to 30 international and local airlines including Ethiopian Airlines, its major customer." Zekarias further added.

"We plan to have 185 fuel stations in Ethiopia by 2020 and we want to increase our market share to 30 % from the existing 24 %." The company will open nine stations every year. Since Oil Libya’s entry into the Ethiopian market in 2008, it has made an investment of 50 million birr on aviation fuel depot expansion and refueling machines, and the construction of the ethanol blending facility at Gottera (Akaki Fuel Depot). The company so far built only eight additional retail stations in the country. With its headquarter in Dubai, Libya Oil Holding Limited was established in 2004 by the Libyan Investment Authority. It acquired businesses in 18 African countries that it bought from Shell and EXXON Mobil. It however has 1,015 retail stations and 54 aviation fuel terminals.