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Zambia, Angola to resume talks on construction of oil pipeline

Xinhua, October 26, 2016 Adjust font size:

A senior Zambian government official said on Wednesday that talks will resume with the Angolan government on the construction of an oil pipeline.

In 2012, Zambia's investment agency, the Zambia Development Agency (ZDA), signed a 2.5 billion U.S. dollars memorandum of understanding (MoU) for the construction of a petroleum pipeline to run from the Angola city of Lobito to Lusaka, the Zambian capital.

Construction was expected to have started in 2013 and completed this year.

Minister of Energy David Mabumba said a team from his ministry was expected to meet officials from Angola this Friday to chart the way forward.

He told journalists during a press briefing that the government was still interested in the project to cushion the impact of removing fuel subsidies.

The government recently removed fuel subsidies which have resulted in fuel pump prices increasing by 38 percent.

He further said the government intends to engage Saudi Arabia to revise upward a 20 million dollars oil deal.

He said a team of experts from his ministry will soon be going to Saudi Arabia for discussions.

In May this year, the Saudi Arabian government offered a 20 million dollars revolving fund to supply cheaper oil to Zambia in order to reduce fuel prices for the next five years. Endit