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.