Ethiopian Petroleum Supply Enterprise (EPSE) announced that if the global oil and gas price continue to rise, the country needs to invest $6 billion in a year to purchase oil and gas for its consumption.
Tadesse Hailemariam, CEO of EPSE told Ethio Trade and Investment Forum that “Ethiopia needs to invest $6 billion in a year if the current global oil and gas price hike, which reached $140 in a barrel continue to rise further.”
Mr. Tadesse recommends utilizing oil and gas frugally as Ethiopia’s economy is not capable to cover such a huge cost to import oil and gas.
Legal actions should be taken to prevent illegal oil trade, he says.
The global price of oil has been surged after the ongoing Russia-Ukraine war.
Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia. In December 2021, it exported 7.8 million barrel in a day, of which crude and condensate accounted for 5 million barrel in a day.