admin
“Cabinet preferred that the project be a joint venture agreement, whose shareholding should comply with the country’s Indigenisation and Empowerment Act,” he said.
Minister Made said Cabinet resolved that Green Fuel should be allowed to market its products, which include E10, E20, E85 and E100, on an optional basis.
“There will be no mandatory blending of fuel,” he said.
The company has been pushing for mandatory blending that would compel all motorists to use fuel blended with ethanol. Minister Made, however, said Green Fuel was given the right to export excess ethanol without hindrance and restrictions and that guarantees be given to the quantities to be exported.
After the new agreement, Green Fuel will be owned according to the country’s indigenisation laws.
Zimbabwe is reportedly forking out US$50 million a month on petrol and if Government had introduced mandatory blending, the firm argues that it could immediately save US$40 000 a day. The figure to be saved would increase to US$700 000 a day within three months.
Online Reporter