5 November 2009
THE Government has finally bought off the 50 per cent Indeni Petroleum Refinery shares formerly owned by Total International at US$5.5 million, bringing Zambia's ownership of the plant to 100 per cent.
Finance Permament Secretary, Berlin Msiska announced at a farewell party held for Indeni managing director, Michael Faulkner on Tuesday evening at Mukuba Hotel that the Government now owned 100 per cent shares in Indeni.
Dr Faulkner has been transferred to France by Total International and has been replaced by Indeni's Purchasing and Supply Manager Maybin Noole.
Mr Msiska said the Government and Total International had just concluded negotiations for the 50 per cent shares previously owned by Total.
He said after Indeni was gutted by fire in January 2002, Total bought 50 per cent shares previously owned by Agip and therefore owned the oil firm jointly with the Government of Zambia.
He said since then the refinery had improved its safety levels and exceeded the expected tonnes of production.
Last year, however, Mr Msiska said Total for business reasons, decided to pull out of Indeni and the Government had been talking to the firm since then.
He said the Zambian Government was grateful to Dr Faulkner for his dedication to duty during the time he was at the helm.
He said Dr Faulkner's term had seen an increase in productivity.
In his place, Mr Msiska said, Government had in the interim appointed Mr Noole who has worked for Indeni since 1975 and held several positions in the organisation.
He said Government expected Mr Noole to be tenacious and courageous and lead the staff of Indeni at this crucial time and assured him of Government's support.
Mr Msiska said Mr Noole and his team should heed the advice of Energy Permanent Secretary, Peter Mumba who, during a meeting on Tuesday urged the employees to work hard.
Mr Msiska congratulated Mr Noole, saying it was a great moment to see a Zambian head the company but that at the same time, it was sad to see Dr Faulkner leave the company.
Dr Faulkner said during his tenure, the company was refining an average of 67,000 tonnes of crude oil per month compared to the previous 45,000 tonnes.
He thanked the employees of Indeni for their support and urged them to do the same to his successor.
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