Kenyan petroleum firm to invest US$4 million in Rwanda

Tuesday, Nov 25, 2008

Hashi Empex, Kenya's exporter of petroleum products in the East and Central African region will invest US$4million in a new petroleum storage facility in Rwanda.

This was unveiled by the company's Chief Executive Officer, Mr. Ahmed Hashi who was in Kigali recently in a ceremony to unveil the model that will be constructed in the country.

""Rwanda's strategic geographical location makes her an ideal hub for the Great Lakes region and central Africa. In this regard we announce our investment in a fuel terminal of 5.5 million liters capacity at a cost of US $4 million,"" Hashi said.

Hashi was also in Rwanda to celebrate the contract his company won to supply fuel to Rwanda's power and water producer, Eletrogaz, amounting to 3.5 million liters per month.

A typical Kenyan firm with 20 years in business, Hashi Empex has a total investment in the region worth US$ 35 million. The firm recently received US$14.5million from the PTA bank to boost its latest contract to supply fuel to the Rwanda power producer, Electrogaz.

The storage facility to be set up in Rwanda will be the first major private fuel storage terminal in Rwanda and the investment will create employment opportunities both directly and indirectly for over 200 Rwandan nationals, further boosting economic growth in the country according to Hashi.

 ""I am delighted to learn that Hashi Empex has shown confidence in the economy of Rwanda and they are in the process of building a terminal,"" Rwanda's minister for infrastructure, Linda Bihire said in Kigali.

""This terminal will also have a PLG filling plant and we appreciate this investment as it will go a long way in enhancing our strategic stock,"" he added.

Source: APANews