Ethiopia and Djibouti signed a Memorandum of Understanding (MoU) on Thursday to jointly build new oil storage terminal in Djibouti near the Damerjog Industrial Park.
The agreement intends to foster a conducive environment for future joint development of oil storage terminals.
The MoU was signed between Mamo Mihretu, CEO of Ethiopian Investment Holdings and Aboubaker Omar Hadi, Chairman of the Djibouti Ports and Free Zones Authority.
The agreement comes a month after leaders of the two countries discussed the development of several joint projects of common interest in Addis Abeba.
The Ethiopian delegation who attended the agreement includes Birtukan Ayano, State Minister of Foreign Affairs, Berhanu Tsegaye, Ethiopian Ambassador to Djibouti and Tadesse Hailemariam, CEO of Ethiopian Petroleum Supply Enterprise (EPSE), among others.