Maravi

Levy wants BP to invest in infrastructure

Levy wants BP to invest in infrastructure
By KASUBA MULENGA

PRESIDENT Mwanawasa has appealed to the BP Group to consider investing in Zambia's petroleum industry whose infrastructure is in a bad state. Mr Mwanawasa made the appeal yesterday when a BP Group delegation paid a courtesy call on him at State House. The President said BP was an important partner in the country's petroleum sector as evidenced by its assistance to Government when Indeni Petroleum Refinery was shut in October last year. "In October last year, we shut down Indeni when it was necessary. BP agreed to assist with fuel stocks for four months.

It was a peak period, there was farming and other activities," Mr Mwanawasa said. The President said BP was a real development partner and Government greatly appreciated the role it played in the country's energy sector. He said 12 per cent of the energy requirements in Zambia were from fuel and it was, therefore, important that there was continued dialogue between Government and BP.

Mr Mwanawasa said the petroleum infrastructure in the country was in bad state and required to be rehabilitated. "This will require the efforts of the private sector. We want to hear from BP about the role they can play in this matter because without fuel, the economy can collapse," Mr Mwanawasa said. The President also appreciated the contribution BP made towards the country's social sector like sponsoring sports activities, education and health.

And BP Group vice-president for fuels marketing refining and marketing group, Tony Fountain, said since they were in business, they would look at the opportunities of expanding their investment in the petroleum infrastructure in Zambia. Mr Fountain was happy with the economic successes Zambia had recorded over the past years during which it had seen low inflation and significant debt cancellations.

And on behalf of the group, Mr Fountain donated K300 million to the University of Zambia (UNZA) to help with the hostel construction and rehabilitation, which President Mwanawasa recently launched. And Mr Mwanawasa said he appreciate to a point where he could collapse. He said the number of students at UNZA had increased over the years, resulting in a critical shortage of accommodation.

Labels: ECONOMY, MWANAWASA

posted by MrK @ 2:17 PM