The Zambia Development Agency has issued an Investor Licence to China Zambia Petrochemical Energy Company Limited, paving the way for the launch of a $510.49 million oil refinery in Ndola, Copperbelt Province.
The project, expected to create 454 jobs, will be developed through a Special Purpose Vehicle partnership between the Industrial Development Corporation and Xiang Xin Holding Co. Limited. The refinery will be located in the Sub Sahara Gemstone Exchange Industrial Park, a strategic industrial zone positioned to accelerate Zambia’s manufacturing and value-addition ambitions.
ZDA Director General Albert Halwampa described the licence issuance as a major milestone, marking the project’s transition into its next implementation phase. He noted that the development reflects growing investor confidence in Zambia.
“It is gratifying that such an important company in a strategic sector is achieving key milestones and is close to actualizing its investment. This reflects the high investor confidence currently prevailing in Zambia,” Halwampa said. He also highlighted that the licence grants access to incentives, including duty exemptions on equipment and machinery, that will lower the cost of establishing the refinery.
IDC Director Cornwell Muleya welcomed the approval, calling it a critical step toward finalizing agreements and ensuring timely project delivery. “This project heralds a new dawn of industrialization and marks a turning point to restore Zambia’s industrial glory,” he stated.
Xiang Xin Holding Co. Limited Chairman Tieming Huang expressed gratitude to ZDA, IDC, and the Government for their continued support. Halwampa commended President Hakainde Hichilema for driving investment and trade promotion, which he said has resulted in unprecedented investor interest in Zambia.
Source: angolanminingoilandgas.com