The agreement was signed recently between DPFZA Chairman Aboubaker Omar Hadi and CEO of the Moroccan group Roger Sahyoun, DPFZA announced on Twitter.

''We are delighted to achieve this important milestone in the development of DDIP petrochemical complex that will drive forward Djibouti's and East Africa's industrialization as well as position Djibouti as a petrochemical hub for the region,'' Omar Hadi commented.

The project, the first of several refined petroleum and crude oil storage terminals, will have a capacity of 150,000 m3 for phase 1. It is part of a wider petrochemical complex under development in Damerjog, which includes an oil jetty, refineries, and storage areas.

The development of four other storage terminals with a total capacity of over 750,000 m3 is expected, which will serve to facilitate the transit of refined products as well as regional trading and bunkering business, the same source added.