June 15, 2010 (ADDIS ABABA) – Ethiopia said on Tuesday that it has imported 1.8 million metric tones of oil from Sudan and via Djibouti at a cost of 16.4 billion Birr (some 1.22 Billion USD).

The Ethiopian Petroleum Enterprise said that the fuel was imported from Sudan and Djibouti during the past 11months and it has seen a 7.4 percent rise from same time last year.

Speaking to Ethiopia News Agency, Public Relation Officer with the Enterprise, Damenu Kebret said that, currently some 195 fuel tanker trucks enter the country daily carrying 45,000 liters of oil each. He said Currently Sufficient oil reserve is available in the country due the huge oil purchases made.

Some 80 % of Ethiopia’s oil demand comes from neighboring Sudan based on the two governments’ special agreement, which allows Ethiopia to purchase on lower prices from the global oil market.

Ethiopia uses the neighbor country as a major oil source to reduce massive transport costs. According to the Ethiopian Petroleum Enterprise, Oil imports from Sudan could save the country up to US $7 million per year.

The Ethiopian Petroleum Enterprise reasoned out the successive rapid economic growth of the country for the steadily increasing Oil consumption of the country.

Ethiopia sees its Economy growing by 11% this year.The Economist magazine predicts Ethiopia’s economy to grow by 7% in 2010 and predicts the country to be the 5th fastest growing economy in 2010. Last year, the magazine predicted Ethiopia as the 4th fastest growing economy for2009.

The IMF has rewarded the government’s economic management with financial support, and a strong performance in agriculture, the mainstay of the country, will make Ethiopia as one of the fastest-growing economies.

(SudanTribute)