SEATTLE (Oil Monster): The Industrial Development Corp. (IDC) has signed a Memorandum of Understanding (MoU) with leading Chinese corporation Fujian Xiang Xin Corp. (FJXX) towards building a new crude oil refinery facility in Zambia. The agreement was signed at the inaugural Invest Zambia International Conference.
The MoU was signed between Cornwell Muleya, CEO, IDC and Huang Tieming, President and Chairperson of FJXX. It calls for an investment of approximately US $1.1 billion to set up a crude oil refinery and integrated energy complex in Ndola, Zambia. This is considered as a major investment in the country’s energy sector.
With the ability to process 3 million tons of crude oil per year, the proposed facility will not only help the nation meet its current fuel needs but also open up potential export markets. The facility's groundbreaking is planned for the third quarter of this year, and the first phase of commercial operations is expected to start the following year.
It is anticipated that the project's construction phase will create about 2200 jobs. It will support around 2000 indirect jobs and over 600 direct ones once it is up and running.
In addition to a 130 MW generating plant, the refinery complex will include facilities for bitumen manufacture, lubricant blending, and LPG bottling.
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