4.6 C
New York
Tuesday, May 28, 2024

Zambia To Start Importing Oil Refined Only Within Africa, To Lower Oil Prices

Date:

Share post:

In order to bring down fuel prices, Zambia has shown keen interest in importing fuel from its neighboring country, Angola.

Zambia has also announced plans to acquire interests in the Lobito refinery in Angola, in the Benguela province on the Atlantic coast.

Zambia To Start Importing Oil Refined Only Within Africa, To Lower Oil Prices

This statement is based on President Hakinde Hichilema’s assurance to the Angolan people during his visit to the country that Zambia will invest in the Lobito refinery currently under construction. The refinery is scheduled for completion in 2026.

Hakainde Hichilema, after meeting with Angolan President João Lourenço, announced his intention to study the possibilities of commercializing Angolan refined oil.

Also, read; South Africans protest Uganda law criminalising LGBTQ identity

In a press conference, the President of Zambia said it was unreasonable to import fuel from the other side of the world when it was refined within the borders of the African continent. “There’s no point in importing fuel from other parts of the world if we have a product on the side.” He said.

Upon completion, the refinery will have a production capacity of approximately 200,000 barrels per day. Under the current proposal, private investors, including Zambia, will own 70% of the refinery, while Angola’s state oil company Sonangol will own a 30% stake.

Zambia To Start Importing Oil Refined Only Within Africa, To Lower Oil Prices

The President of Zambia arrived in Angola on Tuesday and visited a refinery in Benguela and the Lobito Corridor, a railway and port that connects the main mining regions of the Democratic Republic of the Congo (DRC) and Zambia to the Atlantic coast.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

Zimbabwe Approves Licensing of Musk’s Starlink Internet Service

Zimbabwe’s telecom regulator has greenlit the licensing of Elon Musk’s Starlink, permitting the satellite internet unit of SpaceX...

Microsoft to build $1 bn geothermal data centre in Kenya following Nigeria facility closure

In a groundbreaking collaboration, Microsoft Corp. and G42, the leading artificial intelligence firm from the United Arab Emirates,...

US, Russia Vying to Build Ghana’s Nuclear Energy Plant

  Ghana finds itself at the center of a global competition as the United States, Russia, China, France, and...

Nigeria to Stop Importing Petrol Next Month, Says Dangote

Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has announced that Nigeria will cease importing gasoline...