Saudi Arabia, Ethiopia in talks for one-year fuel supplies

Ethiopia is in talks with Saudi Arabia over a one-year fuel supply deal with the payment delayed for 12 months due to the chronic shortage of foreign exchange in the East African country, Reuters reported on Wednesday, citing Fitsum Arega, Ethiopian Chief of Staff, Prime Minister Office.

“We are in talks to allow fuel imports. The details need to be worked out. But a properly planned and programmed arrangement will allow for... predictable import flow and ensure additional forex saving," Arega said.

A lack of FX and inadequate transport infrastructure had also resulted in 1.6 million tons of goods being stuck at the port in neighboring Djibouti, he added.