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Zambia lacks strategic reserves storage facilities, says Mumba

Zambia lacks strategic reserves storage facilities, says Mumba
By Kabanda Chulu
Saturday May 10, 2008 [04:01]

ZAMBIA has no storage facilities to hold strategic petroleum reserves, Ministry of Energy permanent secretary Peter Mumba has said. Mumba said under the strategic petroleum reserves programme, the government had prioritised the storing of finished petroleum products and not crude oil. He explained that in case of a breakdown of the refinery, finished petroleum products could be readily used unlike crude oil which needed to be processed.

“Government is therefore planning to ensure sufficient storage capacity space available to hold 30 days of processed fuel products but currently there is no storage capacity to hold strategic petroleum reserves,” said Mumba.

“For this reason, tanks at Ndola Fuel Terminal have to be repaired after which they will be able to hold 10 days of diesel and 15 days of petrol strategic stock and so far TAZAMA is rehabilitating the 40,000 metric tonnes tank at Bwana Mkubwa, whose works will be completed in 2009.”

And international oil prices have reached a record high of US $ 122 per barrel with analysts citing supply disruptions in Nigeria, tensions in Iran and the weakness of the US dollar as some of the causes.

Labels: FUEL, PETER MUMBA, STORAGE

posted by MrK @ 9:43 AM