Categories: Editor's Picks

IDC yet to select investor to partner with Indeni

The Industrial Development Corporation (IDC) says it is still reviewing the process of identifying a partner to help revamp Indeni oil refinery.
IDC Public Relations Manager Namakau Mukelabai notes that more information cannot be given about the development as it may jeopardize the process.
She spoke to Money FM News in a telephone interview.
Indeni is the only refinery in the country and has a semi-monopolistic status with a processing capacity of 25,000 barrels of crude oil per day.
The refinery’s design was based on an annual throughput of 1.1 million tonnes based on 330 stream days of production.
But due to a reduced heavy fuel market that resulted in increased spiking of crude oil and other factors, the refinery’s value has kept shrinking and its production capacity reduced to about 600,000 tonnes per year.
Hence the government offloaded 49 percent of it’s shares to help the refinery produce cheaper oil.

More From Author

ACCA

https://www.accaglobal.com/africa/en.html

Read More

Economist @ Money 02 May 2020

Join the host and guest as they look at various economic issues.

Read More

Women @ Money – “Strategic Planning”

Listen to the host Nkhonde Fumbeshi as she discusses “Strategic Planning” with Dr Freda Mwamba…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

IZB profit up 18.74% to K604.33 million

IZB has posted a K604.33 million Net Profit after tax for the year ended 31st…

Read More

Indo Zambia Bank declares K50 million dividend cheque

This is part of the K125 million dividend, the highest ever for 2023 financial year.…

Read More

Economist expects currency to hit K15 between April, December, 2024

  The Kwacha has been experiencing an unusual decline since introduction of the Export Proceeds…

Read More