Ethiopian Investment Holdings and Puma Energy Discuss Strategic Investments in Energy and Aviation Sectors
Addis Ababa, 23 January 2025: Ethiopian Investment Holdings (EIH) met with Puma Energy, a leading global downstream energy business, to discuss transformative investment opportunities in Ethiopia’s energy and aviation sectors.
The discussions centered on advancing infrastructure development to meet the demands of Ethiopia’s rapidly growing aviation and energy industries. Both parties emphasized the importance of strategic partnerships in unlocking the potential of these key sectors to drive economic growth and regional competitiveness.
Dr. Brook Taye, CEO of Ethiopian Investment Holdings speaking at the occasion said, “To support the aviation sector’s immense growth potential, we seek forward-thinking partners to help establish world-class infrastructure that meets rising demand and positions Ethiopia as a global hub for aviation, transport, and tourism.”
The projections are promising. According to the Economic Commission for Africa, Ethiopia’s tourism sector is poised to contribute over USD 5 billion annually to the nation’s GDP by 2030. Furthermore, the International Air Transport Association (IATA) estimates that Ethiopia’s aviation industry will triple in size by 2040, with an average annual growth rate of 6% in passenger traffic. To support this growth, Ethiopia recently announced plans to construct a new international airport with the capacity to accommodate 110 million passengers annually.
Highlighting Puma Energy’s longstanding partnership with Ethiopian Airlines, Ben Ouattara, Chief Operating Officer and Interim Head of Africa at Puma Energy, stated, “We have been proud partners of Ethiopian Airlines for over a decade, and we are eager to explore further opportunities to invest in aviation infrastructure in Ethiopia. Expanding jet fuel storage capacity and leveraging our parent company Trafigura’s investments to improve security of supply and access through port infrastructure in neighboring Somaliland, for example, is critical to supporting the sector’s expansion.”
Since 2020, Trafigura has invested in upgrading the Berbera Oil Terminal facilities with the goal to integrate oil logistics across the Horn of Africa by improving and expanding the storage capacity, facilitating the import of jet fuel, gasoline and diesel to meet local and regional demand whilst ensuring international health and safety standards.
Ouattara added, “Beyond aviation, Puma Energy sees significant opportunities across Ethiopia’s energy market. As part of our commitment to Africa’s second-most populous country, which is undergoing unprecedented economic reforms, we remain focused on investing in energy infrastructure that can power sustainable growth and development.”
This collaboration underscores Ethiopia’s commitment to leveraging strategic partnerships to unlock its full economic potential, creating opportunities for global investors to participate in the country’s transformation.
For more information please contact
Samantha Gouy
Head of External Communications
Puma Energy
Phone: +41 76 629 69 96
Email: samantha.gouy@pumaenergy.com
About Puma Energy
Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across central America and Sub-Saharan-Africa. Our downstream business segments include fuels, aviation, lubricants, LPG and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
About EIH
Ethiopian Investment Holdings (EIH) was established under the Council of Ministers Regulation No 487/2022. EIH aims to contribute to sustainable economic development by professionally managing its funds and assets, optimizing their use in line with international best practices and corporate governance principles. As the strategic investment arm of the Ethiopian government, EIH strives to maximize value for the benefit of current and future generations. Additionally, EIH seeks to attract foreign investment through a co-investment platform, asset consolidation for monetization, and unlocking value from unutilized assets, thereby ensuring the highest possible return on investment.
For further information visit: www.eih.et