NDOLA, July 22 (AGCNewsNet) — Zambia has signed a landmark $1.1 billion agreement to construct a large-scale crude oil refinery and energy complex in the Copperbelt province, a move expected to significantly reduce the country’s reliance on imported fuel.

Announced Monday, the project will be situated in Ndola and is designed to process up to 60,000 barrels of crude oil per day — a volume sufficient to meet Zambia’s entire domestic fuel demand. Officials say the project also holds the potential to supply neighboring countries in the future, strengthening regional trade flows.

“This marks a critical milestone in our journey toward energy self-sufficiency,” government officials stated, adding that the refinery will enhance Zambia’s economic resilience, save foreign exchange spent on fuel imports, and generate employment opportunities.

The deal aligns with Zambia’s long-term economic vision, emphasizing energy security and industrial growth. Specifics regarding construction timelines and the consortium of investors involved are expected to be unveiled in the coming months.

Experts say the refinery could also help stabilize fuel prices in the region and boost investor confidence in Zambia’s industrial sector.

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