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Wednesday, June 23, 2021

Multi-million fuel deal sealed

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Two Zambian Companies have signed a Joint Venture Cooperation with Africa Star Holdings, a Zimbabwean company to supply 20 Million litters of fuel from Russia every week.

The two Zambian companies are Midlands Zam-Mal Oils which will be marketing and supplying the petroleum products and Pivotech which will be handling the logistics.

Pivotech Chief Executive Officer Chiti Chola says the cooperation will lead to the creation of over 2-hundred jobs for the youths.

He says his company will engage the youths who were recently empowered with fuel tankers by government to uplift between 50 to 70 percent of finished petrol and diesel coming from Russia through Beira.

Speaking during the signing of the agreement in Lusaka today, Mr. Chiti said the joint venture has been necessitated by the prevailing conducive business environment in the country

And Midlands Zam-Mal Limited Chief Executive Officer Charles Mvula said the agreement takes effect immediately and fuel products will in the next few weeks start flowing into the country.

Mr. Mvula also noted that the agreement has been made easier owing to the sound policies that government has put in place creating a conducive business environment for the private sector to flourish.

He said Zambians need to take advantage of the conducive environment to bring in fuel and not wait for Multi-National Companies to do so.

And Africa Star Holdings Chief Executive Officer Jonathan Wunganayi said his company has agreements with Russian Refineries which are the second largest Oil Refineries in the world and will provide fuel at very low competitive rates.

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