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.