NAIROBI, November 14 – A local exporter of refined petroleum products Hashi Empex has announced plans to invest Sh312 million in Kigali, Rwanda to construct a new fuel storage terminal.
Hashi Empex Managing Director Ahmed Hashi explained that their decision was informed by the realisation that Rwanda’s strategic geographical position makes her an ideal hub for the Great Lakes region and Central Africa.
“It is with this in mind that we have chosen Rwanda as our hub for this region. We are announcing our investment in a fuel terminal of 5.5 million litres capacity,” he said adding that the terminal would also have a Liquefied Petroleum Gas (LPG) filling plant.
Speaking during celebrations to mark the signing of a contract to supply 3.5 million litres of fuel per month to Rwanda’s power generation company Electrogaz, Mr Hashi said this investment would also create employment opportunities for over 200 Rwandese nationals which would further boost the country’s economic growth.
The firm recently received Sh1.1 billion financing from PTA Bank to service the contract.
The investment, Mr Hashi said, was in line with the firm’s vision to be the leader in the marketing of petroleum products in Eastern Africa adding that they had been able to supply products even during the political crisis in Kenya earlier this year.
He added that they were convinced that East Africa was still a great place to do business in and was putting in place the necessary infrastructure that would help them to tap the many business opportunities that exist in the region.
Rwanda’s Infrastructure Minister Linda Bihire lauded Hashi Empex for the confidence it had shown in their economy adding that this would go a long way in enhancing their LPG strategic stocks.
He observed that with the Rwandan economy poised to grow, the government appreciated that a rise in demand for energy sector services and products posed great challenges which companies such as Hashi Empex were in a position to meet.