GCL Group Expands Oil, Gas, and Metallurgy Investments in Ethiopia

Ethiopia and GCL Group Strengthen Economic Ties

In a significant development, Ethiopia’s Minister of Finance, Ahmed Shide, met with the Chairman of GCL Group, Zhu Gongshan, in Addis Ababa on October 1, 2025. The meeting focused on the progress of the Oil and Gas Comprehensive Project Complex, which is being implemented in Calub and Hilala sites.

Positive Outlook on First Phase of the Project

At the beginning of the discussion, Minister Ahmed extended a warm welcome to Zhu Gongshan and his delegation. He expressed his gratitude for the successful completion of the first phase of the project, highlighting the importance of this achievement for Ethiopia’s economic growth.

The Minister emphasized that the Ethiopian government has prioritized the project, establishing a national committee to ensure its smooth implementation. He also assured that the same level of commitment and support will be provided for the second phase of the project.

GCL Group Expresses Gratitude and Future Plans

Zhu Gongshan, in turn, thanked the Minister and other Ethiopian officials for their continued support. He explained that the purpose of his visit was to discuss future investment plans and the issue of currency convertibility with Ethiopian counterparts.

He further mentioned that GCL Group is planning to expand its investments in several key areas, including oil and gas, refinery development, and the establishment of a metallurgy hub in Dire Dawa. This expansion is expected to bring additional investment and create new opportunities for economic growth.

Commitment to Continued Collaboration

Both parties concluded the meeting with a reaffirmation of their commitment to collaboration. The Ministry of Finance expressed deep appreciation for GCL Group’s strong and comprehensive investment in Ethiopia. It also reiterated its dedication to supporting the expansion of these investments.

This meeting marks an important step forward in the partnership between Ethiopia and GCL Group. It highlights the potential for further economic development and cooperation in the region.

Key Areas of Focus

• Oil and Gas Development: The project is expected to contribute significantly to Ethiopia’s energy sector.
• Refinery Expansion: Plans are underway to enhance refining capabilities, which could reduce dependency on imported fuels.
• Metallurgy Hub: The proposed metallurgy hub in Dire Dawa aims to boost industrial activity and create jobs.

Conclusion

The bilateral discussions between Ethiopia’s Minister of Finance and GCL Group’s Chairman underscore the growing importance of international partnerships in driving economic growth. With a focus on sustainable development and mutual benefits, both parties are poised to achieve greater success in the coming years. This collaboration not only strengthens economic ties but also paves the way for future investments and projects that can benefit the entire region.