The Ethiopian Parliament has passed a new law on petroleum licensing & conduct of petroleum operations on Tuesday, April 15, 2014. The law passed with the support of all the attending MPs, Fortune reported.

The new law required petroleum busiess operators to notify the Ministry of Water, Irrigation & Energy (MoWIE) in case of spill of petroleum or petroleum products. The also requires operators to clean up spills.

Zewedu Kebede, chairperson of the Parliament's Trade Affairs Standing Committee, said the requirements in the proclamation were set in order to comply with international standards with regard to petroleum products.

The new law also obliges operators to hold a minimum reserve stock of 500 cubic meters. Explaining the requirment to MPs, Zewdu said “This is so as to have a reliable supply of petroleum products in the country".

The law mandates the Ministry of Water, Irrigation & Energy to consider the financial, technical and legal capacity as well as competency when it issues a certificate of competence.

Source: Fortune