ZAMBEZI Oil Transport BOUGHT For US$2.5m

A LOCAL oil marketing company, Mashallah Investment Oil Company (MIOC) has acquired former Zambezi Oil Transport (ZOT) depot in Ndola at a cost of US$2.5 million.
Former ZOT depot was till the time of purchase operating as Samfuel Limited, the company which was using the facility under short-term lease.
MIOC chairman Kelvin Sampa said in Ndola the company is looking forward to bulk selling of their fuel across the country.
“Our company has bought the depot whose capacity is a million litres at a cost of US$2.5 million,” he said.
Mr Sampa said oil marketing companies will be the end users of the facility.
He said the increase in mining companies in the country requires supply of fuel to meet the high demand.
Mr Sampa said there are a number of filling stations being constructed by oil marketing companies (OMC) resulting from high demand of the product.
“Fuel plays a major role in the economy of Zambia, we hope to contribute positively to the development of the country, not only by distributing and supplying of fuel, but by employing Zambians,” he said.
He said the population of Zambia has increased and that the country requires more fuel storage facilities.
MIOC will create 30 jobs once operational in the next few weeks.
A check at the depot found workers making checks on the loading and off-loading bays.
On storage, Mr Sampa said 750,000 cubic litres tank is for gasoil and 250,000 cubic litres tank for Jet A1.
Mr Sampa said competition is favourable in the OMC sector.
He appealed to government to play a role to help local investors engage in business to help boost their activities.
“Most of foreign investors externalise profits, while Zambians have to re-invest back into the economy, hence the need for support,” he said.
On investment pledges, Mr Sampa called on Zambia Development Agency to cross-check whether pledges are being honoured.
“Some bogus investors are hindering Zambian investments by making pledges of some sectors,” he said.