oil
Oil

The Zambian government has invited bids for companies that would like to have a stake in a state oil refinery firm as a strategic equity partner, its investment agency said on Wednesday.

The Zambia Development Agency (ZDA) has invited prospective bidders to submit applications to pre-qualify for participation in the sale of majority stake in Indeni Petroleum Refinery Company Limited as a strategic equity partner.

Prospective bidders were expected to have a minimum net worth of 500 million U.S. dollars in order to purchase a majority stake in the oil refinery firm, it added.

The government has decided to sell its majority stake in the oil refinery firm in order to improve its operations.

Last month, Minister of Energy David Mabumba said the government was looking for a strategic equity partner to improve productivity at the oil refinery situated in Ndola city on the Copperbelt Province.

The oil refinery was commissioned in 1973, with a design to produce 1.1 million tons of oil per year but lack of investment has reduced the production capacity to 850,000 tons per year. Enditem

Source: Xinhua/NewsGhana.com.gh

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