Government approves the sale of 49 per cent shares in Indeni Oil Refinery

GOVERNMENT has approved the sale of 49 per cent shares in Indeni Oil Refinery in Ndola, Mines, Energy and Water Development Minister, Christopher Yaluma has told Parliament.
The Government is in the same vein, looking for US$410 million for putting up a new refinery.
Mr Yaluma said this in Parliament in Lusaka yesterday when he issued a ministerial statement on the removal of subsidies on fuel.
“Cabinet approved the letting go of 49 per cent shares in Indeni to a private investor. The reason being to boost funding and find means of building a new refinery urgently,” he said.
He said the Zambia Development Agency (ZDA) was already interacting with possible partners and that while this process was going-on Government was equally looking for the $410 million for the new plant.