GCL Group to Expand Ethiopian Investments in Oil, Gas and Metallurgy Sectors

Addis Ababa, October 1, 2025  (ENA) -- Ethiopia’s Minister of Finance, Ahmed Shide and Chairman of GCL Group, Zhu Gongshan, held a bilateral discussion in Addis Ababa.

At the outset, Minister Ahmed welcomed the Chairman of GCL Group and his delegation, and congratulated him on the successful completion of the first phase of Ethiopia’s Oil and Gas Comprehensive Project Complex in Calub and Hilala sites.

He emphasized that the Government of Ethiopia has given the project high priority, established a national committee, and closely supervised its smooth implementation.

He further assured that similar commitment and support will be provided for the second phase of the project.

On his part, Zhu Gongshan expressed his appreciation to the Minister and other Ethiopian government officials for the strong support provided to complete the first phase of the Oil and Gas Comprehensive Project.

He explained that the purpose of his visit, along with his delegation, was to discuss the next phase of investment plans and the issue of currency convertibility with Ethiopian counterparts.

Zhu further noted that GCL Group is planning to expand its investments in oil and gas, refinery development, and the establishment of a metallurgy hub in Dire Dawa, with additional investment.

In conclusion, the Ministry of Finance expressed its deep appreciation to the GCL Group and its Chairman for their strong and comprehensive investment in Ethiopia, and reaffirmed its commitment to supporting the expansion of these investments.