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The government is actively exploring alternative sources of oil to cushion the country against potential supply disruptions following Iran’s move to close the Strait of Hormuz.
On Sunday, the Iranian parliament approved a motion to shut down the strategic waterway, a key global energy route responsible for about 25 percent of seaborne oil shipments and 20 percent of liquefied natural gas (LNG) flows.
Minister of Commerce, Trade and Industry, Chipoka Mulenga, said the government was working tirelessly to identify closer and more affordable fuel sources, a strategy that has already contributed to the recent reduction in fuel prices.
“The Ministry of Energy, under the directive of the President, is exploring alternative sources. It’s the reason you saw the Minister of Energy travel to Nigeria, which houses one of the largest refineries in the world, to negotiate possible access to their oil,” Mr Mulenga said.
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He disclosed that last month’s visit by the Nigerian Minister of Trade to Zambia presented another opportunity for the two countries to discuss potential energy cooperation.
“We are also assessing transit and logistical routes that are nearer and more cost-effective for us,” Mulenga added.
He further emphasised that a significant focus was being placed on strengthening relations with Angola, a neighbouring oil-rich country with which Zambia currently lacked pipeline infrastructure.
“Government has not ignored Angola. The challenge has been that Angola’s refinery capacity is insufficient even for their own needs, as they currently export crude oil and import refined products for domestic use,” Mulenga explained.
He revealed that Angola was planning to construct a new refinery, and Zambia was keen to invest in the project to secure a stake.
“This is a long-term plan, but talks are ongoing. When the President visited Angola, it was to advance our energy security and other economic interests,” he said.
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