The Saudi Arabian government through the Saudi Fund for National Development has offered a 20 million US dollars revolving fund to supply cheaper oil to Zambia and reduce domestic fuel prices for the next five years.
Zambia’s Ambassador to Saudi Arabia Ibrahim Mumba says the offer is now in its final stages and with President Edgar Lungu’s state visit to the Kingdom which starts tomorrow, Zambia is expected to start benefiting from cheaper oil after a month.
ZNBC’s Paul Shalala reports that Ambassador Mumba was speaking when he addressed Zambian journalists in the Red Sea resort of Jeddah.
He says Saudi Aramco, the world’s largest oil company, has already agreed to produce and supply oil to Zambia once logistics are put in place.
The envoy adds that the Saudi Fund and Zanaco are currently in talks to facilitate the transfer of funds so that the supply of cheaper oil to Zambia can commence.
Meanwhile, Ambassador Mumba has disclosed that President Lungu is expected in Saudi Arabia tomorrow.
He has disclosed that President Lungu will be on a two day state visit at the invitation of King Sulman Bin Abdulaziz Al Saudi of Saudi Arabia.
Ambassador Mumba says while in Jeddah, President Lungu is expected to have talks with the Royal court and the business community on various economic diplomacy issues such as oil and entrepreneurship.
The First Lady looks like a widow in that black attire.
Why couldn’t she just wear her regular clothes?
It is too pretentious and appeasement to spot the above dress.
@Gundix,
We presume you are either uneducated troll or just a natural ignoramus on International Affairs. You should know matters of culture in international relations. In Saudi Arabia a woman cannot move around more to meet the Loyal Court or King officials with uncovered face. Its an insult of unforgivable consequences.
Gundix it’s not mandatory for foreigners. Example Michelle Obama doesn’t wear that when she visits
Customs are education go hand in hand. You need to acquire both.
Zambia can as well get cheap oil from Gabon or Angola.
Why all these deals with controversial countries like Saudi Arabia and Uganda?
@1 IS THAT YOUR ONLY COMMENT ON SUCH AN IMPORTANT ISSUE? OR IS IT JUST A CASE OF UPNDs BEING SADISTS?
ECL IS VERY SMART. BACEPA SANA BA FIDUMBO, NA DIAPERS. THIS ONE IS A CATCH ME IF YOU CAN. HONESTLY, I DON’T KNOW IFYO BAKAWINA BA OPPOSITION ABA BAKWATA MANIFESTO YAKUFUMYAPO LUNGU. CHEAP OIL IS FINALLY, HERE AND THE RIPPLE EFFECT WILL BE TO DRIVE THE PRICES OF ALL COMMODITIES DOWN. SO, WHAT ARE THE OPPOSITION GOING TO PROMISE, NOW? FREE MEALIE MEAL? KOSENIKO BANGWELE.
Timor Consulting consultancy at work
Smart nonetheles!
Oil prices have been low for quiet sometime since the incompetent president took office. Why do things now?? And can he explain why it has been high before going to seek cheaper oil?? If other economic factors are the reason such inflation and currency devaluation, corruption in procurement process even though you try source cheap oil. We will have the same problem. The fact is manage the economy and country well then everything will follow
KAMITEYA FYE BOLA IYIBI SANA KA LUNGU, GUYS. JUST IMAGINE THE IMPLICATIONS OF CHEAP OIL FOR THE NEXT 5 YEARS. THAT MEANS IMPLEMENTING MOST AND MORE OF THE ESSENTIAL INFRASTRUCTURE AND GIVING MORE LIFE LINE TO PF FOR MORE YEARS TO COME. NIPA EASY. GUYS JUST CONTINUE PROMISING TO BRING BACK ANGLO AMERICAN COMPANY TO ZAMBIA. YAMIBIPILA BOLA BANE.
Sounds cool deal
That’s what we are talking about! Without President Lungu’s International Relationship Skills Zambia would be NOwhere with our Negative Opposition. Zambia NEEDS to stand up to the best President we have ever had! Bar PRESIDENT kaunda!
QUOTE ‘has offered a 20 million …..US dollars revolving fund to supply cheaper oil to Zambia and reduce domestic fuel prices for the next five years.’ Suck it IMF!
He really us a problem resolver. He is FABULOUS! He knows how to make good friends! GOD BLESS OUR PRESIDENT!
Ati “he knows how to make good friends..” with likes of mugabe, MU7 and the wahabi terrorists of Saudi Arabia who are responsible for most of the terrorism in the middle east and are about to exposed as the sponsores of 9\11..
In terms of presiding, President Mwanawasa was the best of the lot. Though he had family trees every where in our Parastatal companies.
@Spaka my friend, why so negative all the time? Your paint is beginning to crack..! Not possible to hate.’every single thing ‘ a gov’t does!
THIS IS GOOD NEWS…! IMF could not help but we have had so many Ad Hoc solutions to date on current problems. Fuel, Electricity alternatives….and God is Blessing us with A fuller Kariba Dam….why so mouldering in sorrow dear friend. WE ARE WINNERS!
How much do we spend to procure oil?And how can Oil worth US$ 20 million last in the country?$ 20 million is a quarter or one eighth of our monthly fuel/oil consumption.Whether it will be money that will be revoving-pumped back to buy oil this will not be enough.
How cheap and how much will we be paying at the pump? Are we getting cheaper but still pay high prices for gas? Or are we hedging? For how much? What happens if oil goes further down in price?
1.1,
that is your opinion and judgement of people you know nothing about.
It shows how qualified you are to be the sole repository of interrelations of peoples of the world.
I am surprised that you are pandering to the perpetuation of one sided courtesies. What the world needs is mutual recognition and respect.
As you can see, I am to you what you have attempted to describe, and have never been to school or anywhere else apart from our home village.
Enjoy your evening.
1.2,
thank you.
Wow wow wow … under Chagwa, Zambia is becoming unstoppable! I hope this will cut pump prices by not less than 30%! Awe ninshi no need for further campaign!
This is a punch in the face of opposition!!! Sontapo ECL
HH please “sonta apowabomba,if you cant then “sela PF ibombeko!!”PF CAN BRING IN CHEAP ON FROM SAUDI ARABIA TO REDUCE PUMP PRICE THE LET EDGAR LUNGU NOT EVEN CAMPAIGN BECAUSE 90% OR MORE VEHICLE OWNERS WILL VOTE FOR PF ON 11/08/2016!!!i will personally call Hon.Mumbi Phiri about this oil issue as we need this oli in Zambia urgently!!!THE MAMMOTH RALLIES PF IS HAVING CONFIRM WHAT I HAVE BEEN TELLING DREAMERS IN UPND THAT PF IS BY FAR THE FAVOURITE TO WIN 2016 ELECTIONS!!!we talk to a lot of voters on streets,bars,buses,at place of work,churches,etc who openly say that we shall vote for PF because it has delivered development across Zambia!!
I hope my President Edith Nawakwi could also start distributing Ducks, this Lungu has tried to catch us off guard with this oil deal.
In theory Saudi crude oil decisions are made by a council called Supreme Petroleum council The Kings marker are the King Salman whose though oil not performing therefore expect no-holds-barred fight for market share driven by relentless geopolitical rivalry between Saudi Arabia and Iran and the US shale programme
Though you come out a winner as Zambia There are risk assessments to ensure You profit and stay well out in this circle of OIL rivalry and geopolitics in the middle east
ECL is going to Saudi Arabia to raise money for his campaign and finalise the printing of ballot papers in Dubai by Al Ghurair. They are going to seal the rigging plan thru printing of extra and pre-marked ballots. The rigging of the 2016 elections has started in earnest. People need to stay alert and protect our votes. We don’t want elections stolen and cause strife in Zambia.
Commodity prices “lower for longer time to come as forecast Hedging the spot price 5 years from now in that 20 USD Millions of barrels will be helpful and arbitrage according in a measure that is profitable to Zambia taking advantage of those “”lower for longer “” oil Prices to come 5 years from now paying particular interest to OIL rivalry and geopolitics in the middle east
The man of God from Nigeria told you that things will normalise in our country before elections. You insulted him. He told you about his prophecy of oil in Botswana still you didn’t believe him. Lungu is winning this August election. Soon people will stop complaining and that will give Lungu not less than 54% win
#ECL FOR ZAMBIA…………..@MUSHOTA MULI KWISA
While in Saudi Arabia he will secretly undergo some medical reviews.
You Imbecile Chi Patriotic Abroad.chi o neni, maputula ububi! Stop this nonsense of the PF has paid you to do.You are busy insulting us using our money,you paid every month. No.1:Who will give you free oil,in this world today?No.2:Even if somebody gave Zambia money,its useless for us to celebrate,cos that money comes with agreements and pay back modalities ,which politicians dont tell us.It will be me and real patriotic Zambians to pay back that money,just like we already paying your salary,you *****!
Huh? Saudi Arabia to supply cheaper Oil to Zambia? Why is it cheaper? Whats the catch? Does it have the same calorific value per litre as the rest of the Oil Saudi Arabia is supplying to the rest of the World? What in it for them? I am a parent and I absolutely do NOT want my future generation to be unknowingly yoked to another Country out of guilt due to favours done to their County before their time.
So, again I ask:- why is Saudi Arabia selling this Oil cheaper to Zambia?
Saudi Arabia is funding PF elections. They need thousands of Zambians to join their war in Yemen and Syria.
Saudis not it that its only Africa left Where Growth is assured Where that growth can start from Negative to anything above 10% and in depressed oil prices, they have made a decisions to help them still survive but its also best for Zambia and if It manages its risks and exploit the fortunes posed in this in this oil
remember Saudi Arabia is technically broke as oil has impacted and unlike other countries they have reserves in oil and financial engineering and creativity will help them
Good job
The elasticity in demand for oil will be below 1 for a long-term and if you check the growth in demand for brent oils to global GDP growth you will see why you should be making money from Saudis especially that from now onwards to 2030 they will still be in the negative position in prices and excess stocks with global industrial growth negatively impacting if you check MSCI and Brent Oil vs. World GDP Growth
Do not simply do a shorterm forecast 1 yr. ahead to profit but rather a medium to 5 year ahead locking in the contracts in that 20 Million
Well done ecl. twalya nafuti.
some people whom do you think you are by commenting rubbish even on developmental matters why dont you put this politics aside when issues of development are in progress.
The oil deal will definitely change the prices of most commodities to low, so why talking rubbish even when development is coming. learn to keep quiet if you have nothing to say. let those with developmental ideas comment. this is the time for ECL let him rule up to the time when God will say your time is over. if H.H will have favor in Gods eyes then his time will come. let us try to appreciate the efforts of our leaders, remember what you do unto others the same will come to you remember you are a leader somewhere also. some of you cant even control your own families but you are busy attacking the head of state,…