2 new petroleum companies, namely Genet Petroleum and Gomechu Petroleum, joined Ethiopia’s market. This took the number of operational fuel companies in Ethiopia to 13.
The new companies found their way to the market after managing to fulfil Ministry of Trade’s requirements to construct 500,000 liter depot and acquiring a minimum of 6 filling stations before getting a license.
According to Shimelis Arega, Public Relations Officer at the Ministry, “The two companies secured licenses from the Ministry of Trade (MoT) two years ago and become operational recently”.
Genet Petroleum, according to Fortune, has a registered and authorized capital of 5.3 million Birr with its headquarter in Addis Ababa. It has 16 filling stations.
Gomechu Petroleum on the other hand has an authorized capital of 10.7 million Birr with its headquarter in Gonder City, Amhara State. The new company is said to have 22 filling stations across Ethiopia.
Ethiopia’s the fuel retail market is dominated by 4 companies namely; National Oil Company (NOC), Libya, Total and Yetebaberut Petroleum (YBP) who control 90.4 percent of the entire market. Among these companies, NOC takes 33 percent market share followed by Total with 23.1 percent. Oil Libiya and YPB on the other hand account for 22 percent and 12.3 percent respectively.