Business | Oil & Gas
Zambia National Bank wins contract to fund Kuwait Oil purchase
Zambia National Commercial Bank Plc won a contract to provide $1.2 billion to fund the purchase of crude oil from Kuwait, the Energy Ministry said.
- Bloomberg
- Published: 13:57 June 19, 2008
Kuwait City: Zambia National Commercial Bank Plc won a contract to provide $1.2 billion to fund the purchase of crude oil from Kuwait, the Energy Ministry said.
The government will start negotiations with the lender next week to ensure import arrangements are on schedule, Permanent Secretary for Energy Peter Mumba said by telephone yesterday. The government earlier announced that a consignment of crude was expected to arrive this week.
Zambia National Commercial Bank and Finance Bank Zambia Ltd. joined Preferential Trade Area Bank Ltd. in the contest to finance the southern African nation's next consignment of 90,000 metric tons of crude, Lusaka-based Zambia National Broadcasting Corp. reported May 14, citing Mumba.
The government is seeking to cut fuel subsidies, which have cost it about $15 million since August, Secretary to the Treasury Evans Chibiliti said this month at the Euromoney conference in Lusaka.
Share this article
More from Oil & Gas
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
-
Investing in funds doesn't come cheap
Many people are unaware of the effect of different expenses on their returns
-
Firm turns televised events into marketing dream
Drops anchor in Dubai to sell world's richest yachting races
