Mthuli Dreams of A Vital Regional Fuel Port In Zim

Finance and Economic Development Minister, Professor Mthuli Ncube, has proposed the  creation of  a world-class “Regional  Fuel Dry Port” out of the Mabvuku Loading Gantry and Msasa Depot  fuel  storage  facilities saying that will ease the pressure  on  the  Reserve  Bank  of  Zimbabwe (RBZ)  to  source  and  allocate foreign currency for fuel consumption.

Addressing stakeholders  at the RBZ mid term monetary review yesterday,Professor Ncube, said the vision for the inland  fuel  port will  turn  it  into a vital regional fuel port that will serve neighboring countries.

“The  pressure  on  the  Reserve  Bank  of  Zimbabwe  to  source  and  allocate foreign currency for fuel consumption on a monthly basis is  enormous.

“One long term solution is to create a world-class “Regional  Fuel Dry Port” out of the Mabvuku Loading Gantry and Msasa Depot  fuel  storage  facilities.  The vision for  this inland  fuel  port will  turn  it  into a vital regional fuel port that will serve neighboring countries,” he said.

He added that the strategy will be used to lure potential investors so that multiple fuel importers can source their own  foreign currency in the market.

“An additional pipeline could also be built from Beira to the fuel  storage facility in order to increase capacity.  A strategy in this regard will be developed and new investors invited,  so that in the end the multiple fuel importers can source their own  foreign currency in the market.

“The concept of a Dry Fuel Port is an important economic development issue. The Ministry of Finance will work with Ministry of Energy and Power Development in order to realise the vision for a Dry Fuel Port for the Region,” added Ncube.