Ethiopia Oil Refinery Proposed as Blackstone-Backed Line Shelved

 (Bloomberg) --
By Paul Burkhardt and Nizar Manek, 30 January 2018

  • Fairfax says $4 billion plant attracts Asian investor interest
  • Black Rhino fuel import line development put on hold last year

Ethiopia’s fast-growing economy has Asian investors lining up to build a new $4 billion oil refinery, even as a Blackstone Group LP-backed fuel pipeline project is shelved.
The proposed 120,000 barrels-a-day plant has generated interest from Japanese, South Korean and Indian investors, said Zemedeneh Negatu, chairman of U.S.-based Fairfax Africa Fund. The refinery in Awash, east of the capital Addis Ababa, would import crude through neighboring Djibouti and along a railway recently completed by Chinese state enterprises, he said.
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