ZDA issues investor license for state-of-the-art oil refinery in Zambia
The Zambia Development Agency (ZDA) has issued an Investor License to China Zambia Petrochemical Energy Co. Ltd., paving the way for the construction of a state-of-the-art oil refinery in Ndola, Copperbelt Province. The project represents a committed investment of $510 MM and is expected to create 454 jobs.
The refinery will be developed under a Special Purpose Vehicle (SPV) arrangement between the Industrial Development Corporation (IDC) and Xiang Xin Holding Co. Ltd., and will be located within the Sub Sahara Gemstone Exchange Industrial Park in Ndola. This strategic investment is set to boost Zambia’s industrialization agenda.
ZDA Director General Albert Halwampa expressed his delight at issuing the Investor License, describing it as a critical milestone that triggers the next phase of the project. “It is gratifying that such an important company in a strategic sector is achieving key milestones and is close to actualizing its investment. This reflects the high investor confidence currently prevailing in Zambia,” Halwampa said.
He further thanked President Hakainde Hichilema for championing investment promotion and trade, which has attracted unprecedented investor interest, including this landmark project. Halwampa emphasized that the Investor License provides access to incentives such as duty exemptions on equipment and machinery, thereby reducing the cost of setting up operations. He also highlighted Zambia’s conducive business environment, citing debt restructuring, macroeconomic stability, and declining inflation as key factors attracting investors.
IDC Director Cornwell Muleya welcomed the issuance of the license, noting that it marks a major step toward finalizing agreements and implementing the project within the agreed timelines.
“This project heralds a new dawn of industrialization and marks a turning point to restore Zambia’s industrial glory,” Muleya said.
Xiang Xin Holding Co. Ltd. Chairman Tieming Huang expressed gratitude to ZDA, IDC, and the Government for their support and facilitation. The event was also witnessed by Phestos Musonda, developer of the Sub Sahara Gemstone Industrial Park.
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