Zambia reportedly signs $1.1 billion refinery deal

Zambia has reportedly secured a US$1.1 billion investment for a state-of-the-art crude oil refinery and integrated energy complex in Ndola.

The agreement, signed by the Industrial Development Corporation (IDC), Fujian Xiang Xin Corporation (FJXX), and the Zambia Development Agency (ZDA), was announced during the Invest Zambia International Conference in Lusaka.

Set to process 60,000 barrels of crude oil per day, the facility would meet national fuel demands and boost exports. Construction is scheduled to begin in Q3 2025, with operations expected in 2026.

The project is expected to create over 3,000 jobs and includes a 130MW power plant and infrastructure for bitumen, LPG, and lubricant production.

Speaking during the signing ceremony, IDC Chief Executive Officer, Cornwell Muleya, said the Petrochemical industry was a catalyst for many other projects aimed at uplifting living standards, creating jobs and bringing economic transformation across many sectors
Muleya added that the agreement turns aspiration into action.

“With this landmark project we are writing a new chapter in Zambia’s industrialisation journey in keeping with the government’s objectives for cost effective energy independence for both industry and ordinary Zambians,” he said.

ZDA Director-General, Albert Halwampa, said: “The MOU we have signed this day perfectly captures the spirit of Invest Zambia 2025: bold partnerships, bringing catalytic capital and jobs for our people. It proves once again that Zambia is open for high-impact projects and future-ready investment.”

The project would stimulate investment in new storage facilities, rail upgrades, and provide feedstock for sectors such as plastics, fertilisers, synthetic materials, and asphalt manufacturing, according to the promoters.

Small and medium enterprises stand to benefit through opportunities in haulage, catering, equipment maintenance, and professional services, they added.

Meanwhile, Huang Tieming, president and Chairperson of FJXX said “FJXX is honoured to bring its expertise in new technologies and world-class engineering to this important project in partnership with the Government of Zambia through IDC.

“We have over two decades of EPC expertise in this industry and are honoured to participate in this transformative venture which will benefit the people of Zambia.

“Together we are unlocking opportunities in a project that will reverberate far beyond its location in Ndola, driving inclusive growth across the country and region.”

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