Indeni shares to go

GOVERNMENT has approved the sale of 49 per cent shares in Indeni Petroleum’¨ Refinery in Ndola, Parliament heard yesterday. Mines, Energy and Water Development Minister Christopher Yaluma told Parliament that Government was, in the same vein, looking for US$410 million to put up a new refinery.
He said this 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 engaging possible partners and that while this process was going-on, Government was equally looking for the $410million for new plant.
On the removal of subsidies on fuel, the minister said as a result of maintaining subsidies, Government’s capacity to collect the Strategic Reserve Fund was being compromised.