The Zambia Development Agency (ZDA) has signed an Investment Promotion and Protection Agreement (IPPA) with Zambia Petrochemical Energy Company Limited (ZPEC), a joint venture between the Industrial Development Corporation Limited (IDC) and China\u2019s Fujian Xiang Xin Holding Company Limited.<\/p>\n
The joint venture is set to construct and operate a state-of-the-art oil refinery in Ndola District on the Copperbelt Province at an estimated cost of over US$510 Million and will create over 3,500 jobs.<\/p>\n
Speaking during the signing ceremony, Zambia Development Agency Director General, Albert Halwampa said the government through ZDA and IDC, will continue supporting the project from implementation up to production stage through investment aftercare services.<\/p>\n
Mr. Halwampa added that the refinery project will help address challenges in the supply and refining of petrochemical products in Zambia.<\/p>\n
He noted that the company is expected to produce products such as petroleum, diesel, Jet A1 fuel, kerosene and other petrochemical products for both the local and regional markets.<\/p>\n
\u201cYour investment is safe and it is going to grow much bigger than this,\u201d he assured.<\/p>\n
Meanwhile, Industrial Development Corporation (IDC) Chief Executive Officer, Cornwell Muleya, commended the Zambia Development Agency and other stakeholders for facilitating policy alignment and ensuring that all procedures required for the project were followed.<\/p>\n
Mr. Muleya added that the initiative reflects IDC\u2019s commitment to driving industrialisation and economic development in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Zambia Development Agency (ZDA) has signed an Investment Promotion and Protection Agreement (IPPA) with Zambia Petrochemical Energy Company Limited (ZPEC), a joint venture between the Industrial Development Corporation Limited (IDC) and China\u2019s Fujian Xiang Xin Holding Company Limited. The joint venture is set to construct and operate a state-of-the-art oil refinery in Ndola District […]<\/p>\n","protected":false},"author":9,"featured_media":4166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,20,16],"tags":[26,25],"class_list":["post-4165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-business","category-latestnewsleft","tag-ineverycornerofzambia","tag-zanis","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/posts\/4165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4165"}],"version-history":[{"count":2,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/posts\/4165\/revisions"}],"predecessor-version":[{"id":4168,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/posts\/4165\/revisions\/4168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=\/wp\/v2\/media\/4166"}],"wp:attachment":[{"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zanis.gov.zm\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}