Somali billionaire unveils massive $100 million worth oil terminal

Somali billionaire unveils massive $100 million worth oil terminal Somali billionaire unveils massive $100 million worth oil terminal
Somali billionaire unveils massive $100 million worth oil terminal.

Somali billionaire and entrepreneur Abdirashid Duale has unveiled the Dahabshiil Oil Storage Terminal, a state-of-the-art facility worth $100 million.

Situated in the bustling port city of Berbera, this terminal marks a significant milestone for Duale’s multinational conglomerate, Dahabshiil Group, and holds great promise for economic growth and regional energy security.

Somali billionaire unveils massive $100 million worth oil terminal
Somaliland President Muse Bihi (in a white shirt)accompanied by government and Dahabshiil Group officials during the opening of a new oil terminal in Berbera

As the CEO of Dahabshiil, an international funds transfer company, Duale has established himself as a prominent figure in the Somali business landscape.

“The unveiling of the DOST further solidifies his reputation as a visionary entrepreneur with the potential to bring about significant change in the region”.

The importance of the terminal goes beyond its economic value, as it symbolises the progress and prosperity that Somaliland seeks in its pursuit of international recognition.

President Muse Bihi of Somaliland praised the terminal for its historical significance and highlighted its role in transforming Berbera into a maritime port of strategic importance, attracting both local and foreign investments.

Somali billionaire unveils massive $100 million worth oil terminal
Somali billionaire unveils massive $100 million worth oil terminal.

One of the key benefits of the DOST is its ability to facilitate the unloading of oil and gas shipments at the national port. This not only streamlines the import and export process but also enhances the region’s trade dynamics. With its cutting-edge infrastructure and strategic location, the terminal is poised to become a crucial hub for regional energy trade.

The initial phase of the DOST has already commenced operations, offering storage solutions for petrol, diesel, and aviation fuel, particularly Jet A1.

This specialised focus on aviation fuel is significant as it caters to the growing demand for air travel in the region. As the terminal expands, additional substantial tanks will be constructed, raising its storage capacity to an impressive 110,000 cubic metres or 110 million litres of fuel.

In a commendable effort to tackle deforestation and combat climate change, the Dahabshiil Group has undertaken the development of a complementary LPG terminal. This terminal, with an impressive capacity of 12,000 cubic metres, aims to address critical environmental concerns within the region.

Founded in 1970, the Dahabshiil Group, under the exemplary leadership of CEO Duale, has become the largest money transfer conglomerate in Africa. With operations spanning across 126 countries, including 40 within Africa itself, the company has played a pivotal role in facilitating seamless financial services for businesses, international organisations, and NGOs. Its innovative solutions have effectively enabled frictionless global payment services, establishing the group as a pioneer in the industry.

Somali billionaire unveils massive $100 million worth oil terminal
Somali billionaire unveils massive $100 million worth oil terminal.

The investment of over $100 million by the Dahabshiil Group and its partners in this project further showcases their unwavering commitment to regional development. This substantial financial commitment demonstrates the group’s dedication to implementing environmentally-friendly solutions and promoting sustainable practices.

Duale, the CEO of Dahabshiil Group, has underscored the transformative potential of the planned LPG terminal for the Horn of Africa. He has emphasised its strategic location, which acts as a catalyst for improved market prospects. By fueling economic expansion, job creation, and reduced energy expenses, the terminal is poised to have a profound impact on the region.

Deforestation poses a significant threat to the environment, exacerbating climate change and leading to the loss of vital ecosystems. By taking a proactive approach, the Dahabshiil Group aims to mitigate this threat by introducing an alternative to traditional energy sources.

The LPG terminal will provide a cleaner and more sustainable fuel option, thereby reducing the dependency on wood and charcoal, which are major contributors to deforestation.

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