ZDA Issues Investor Licence for $510M Ndola Oil Refinery
The Zambia Development Agency (ZDA) has issued an Investor Licence to China Zambia Petrochemical Energy Company Limited, enabling the commencement of a USD 510.49 million oil refinery project in Ndola, Copperbelt Province.
The facility, expected to create 454 jobs, will be established under a Special Purpose Vehicle (SPV) partnership between the Industrial Development Corporation (IDC) and Xiang Xin Holding Co. Limited.
The refinery will be situated within the Sub Sahara Gemstone Exchange Industrial Park, a development expected to significantly advance Zambia’s industrialisation agenda.
ZDA Director General Albert Halwampa described the issuance of the Investor Licence as a major milestone for the project, adding that it signals the start of the next implementation phase. He noted that the achievement reflects strong investor confidence in Zambia.
“It is gratifying that such an important company in a strategic sector is achieving key milestones and is close to actualising its investment. This reflects the high investor confidence currently prevailing in Zambia,” Mr Halwampa said.
He further commended President Hakainde Hichilema for championing investment promotion and trade, which he said has attracted unprecedented investor interest.
Mr Halwampa highlighted that the licence grants access to incentives, including duty exemptions on equipment and machinery, which will ease the cost of establishing operations.
IDC Director Cornwell Muleya welcomed the development, stating that the licence marks a significant step toward finalising agreements and delivering the project within the anticipated timelines.
“This project heralds a new dawn of industrialisation and marks a turning point to restore Zambia’s industrial glory,” he said.
Xiang Xin Holding Co. Limited Chairman, Mr Tieming Huang, expressed gratitude to ZDA, IDC, and the Government for their continued support. The ceremony was also attended by Mr Phestos Musonda, developer of the Sub Sahara Gemstone Industrial Park.
