GOVERNMENT is scouting for $410 million to upgrade Indeni Oil refinery and thereafter sell 49 percent of the company’s shares to an equity strategic partner and prolong its long term reliability.
Commerce, Trade and Industry deputy minister Miles Sampa told parliament yesterday Government wanted to upgrade the company from its current form of being just a separator into an oil refinery to allow it to produce low price gas and pure crude oil and other petroleum by-products.
He was responding to a question for oral answer raised that Chipili PF MP Davies Mwila who wanted to find out why the Government had decided to sell some shares in Indeni oil refinery to the public.
Government was exploring all avenues to come up with a strategic partner who would assist it co-finance and upgrade Indeni oil refinery.
He said Government had realized that Indeni had not been very efficient hence the move to upgrade and sell its shares.
Luena UPND MP Getrude Imenda wondered what happened to the Italian Government investor who was running the refinery together with the Zambian Government and Mr Sampa informed the House that the Italian investor disengaged from the partnership.