2 October 2018

Zimbabwe: Mthuli Dreams of a Vital Regional Fuel Port in Zim

Photo: New Zimbabwe
Taxi rank (file photo).

Finance and Economic Development Minister, Professor Mthuli Ncube, has proposed the creation of a world-class "Regional Fuel Dry Port" out of the Mabvuku Loading Gantry and Msasa Depot fuel storage facilities saying that will ease the pressure on the Reserve Bank of Zimbabwe (RBZ) to source and allocate foreign currency for fuel consumption.

Addressing stakeholders at the RBZ mid term monetary review yesterday,Professor Ncube, said the vision for the inland fuel port will turn it into a vital regional fuel port that will serve neighboring countries.

"The pressure on the Reserve Bank of Zimbabwe to source and allocate foreign currency for fuel consumption on a monthly basis is enormous.

"One long term solution is to create a world-class "Regional Fuel Dry Port" out of the Mabvuku Loading Gantry and Msasa Depot fuel storage facilities. The vision for this inland fuel port will turn it into a vital regional fuel port that will serve neighboring countries," he said.

He added that the strategy will be used to lure potential investors so that multiple fuel importers can source their own foreign currency in the market.

"An additional pipeline could also be built from Beira to the fuel storage facility in order to increase capacity. A strategy in this regard will be developed and new investors invited, so that in the end the multiple fuel importers can source their own foreign currency in the market.

"The concept of a Dry Fuel Port is an important economic development issue. The Ministry of Finance will work with Ministry of Energy and Power Development in order to realise the vision for a Dry Fuel Port for the Region," added Ncube.

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