Online Reporter
Zvamaida Murwira
Senior Reporter
A COMPANY from the United Arab Emirates plans to increase its investment in Zimbabwe through the supply of energy-related products such as fuel and gas at the most competitive price.
The pledge is an endorsement of Harare’s engagement and re-engagement efforts and the “Zimbabwe is open for business” mantra.
Executives of Abu Dhabi National Oil Company Trading, a leading and diversified energy firm, met President Mnangagwa yesterday at State House in Harare where they declared their commitment to increase investment in the country and invite more companies from the UAE to take up opportunities in Zimbabwe.
In an interview after paying a courtesy call on President Mnangagwa, the company’s chief executive officer, Mr Ahmad Bin Thalith, said they wanted to supply energy products so as to cement bilateral relations between Zimbabwe and the UAE.
“The relationship between UAE and Zimbabwe is a unique one,” he said.
“We are covering one sector of business, which is the supply of refined products into Zimbabwe.
“We want to increase that collaboration.
“We will be supplying products like diesel, gasoline, the products that the regular consumer uses, and we want to play a role also in helping maintain and secure the lowest price possible for the fuel retail stations.”
Mr Thalith said they started operationalising their plan a few months ago, and already have a contract to supply their products.
“But we also want to thank the President and the ministers for their help to ensure that it was a smooth transaction,” he said.
Finer details of the investment will be disclosed once all modalities are completed, but Mr Thalith said their aim is to strengthen the relationship between the UAE and Zimbabwe.
“So, we bring a whole lot of opportunities with us; it’s not only oil and gas, there is a lot of companies in the UAE that are looking at opportunities for investment in Zimbabwe, and the whole idea is really to strengthen that relationship,” he said.
The company is the world’s 12th largest oil company by production and as of 2021, it had an oil production capacity exceeding 4 million barrels per day, with plans to increase to 5 million by 2030.
Abu Dhabi National Oil Company is one of the world’s leading energy producers and a primary catalyst for the growth and diversification of the Abu Dhabi economy.
With a production capacity of more than 4 million barrels of oil per day and around 11,5 billion cubic feet of natural gas per day, it operates across the entire hydrocarbon value chain.
It has a network of fully-integrated businesses for exploration, production, storage, refining and trading, as well as the development of a wide range of petrochemical products.
Zimbabwe aims to strengthen its role in the region’s energy corridor by improving its petroleum storage, processing and transit capabilities.
Discussions align with Zimbabwe’s ongoing project to expand the use of the Beira-Feruka pipeline for fuel transit, which is expected to reduce reliance on road transport.
Yesterday’s event was attended by Foreign Affairs and International Trade Minister Professor Amon Murwira, his Permanent Secretary Ambassador Albert Chimbindi and other senior Government officials.
