We Will Maximise On Oil And Gas Discoveries, Says ED
Business Reporter
Zimbabweans will be the primary beneficiaries of the recent oil and gas discoveries in Muzarabani and to this end, the Second Republic is in the process of establishing mechanisms to ensure the country derives maximum value from its mineral wealth, President Mnangagwa has said.
This follows the recent confirmation of gas, light oil, condensate and helium deposits by Geo Associates last month.
The discovered oil falls under the light oil classification and will see Zimbabwe producing diesel, petrol and jet A1, thus cutting the country’s petroleum import bill.
In an interview with “Brick by Brick” magazine, President Mnangagwa said now that the oil and gas deposits had been confirmed, the country was moving towards putting in place measures to guarantee value addition and beneficiation.
“We must find a method or a mechanism of making sure we benefit from the oil reserves. We don’t have the technology nor the skills, nor the global capital to exploit and process the oil. We must find a way of doing it to the maximum benefit of Zimbabwe.
“We understand that we are endowed with vast reserves of oil. That is the point number one. Point number two is, before we discovered that we had oil, we had not planned for them in terms of how to extract the oil and process it.
“Now that we have been told by experts that we have vast reserves of oil, we must say what do we do to ensure that this resource benefits our country first. Now we know we have the vast oil reserves,” he said.
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