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NOCMA SECURES K46 BILLION FOR FUEL SUPPLY

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The National Oil Company of Malawi (NOCMA) has secured a K46 billion loan from the Trade Development Bank to supply fuel in the country.

Deputy Chief Executive Officer for NOCMA, Hellen Buluma, made the announcement when the Minister of Energy, Ibrahim Matola, toured the fuel reserves at Matindi in Blantyre.

According to Buluma, the amount will help NOCMA to import 60 million litres of fuel which will cover two months.

“Currently there are over 500 fuel tankers that are on the way with fuel from Dar es Salaam in Tanzania,” said Buluma.

She has assured Malawians that the country has enough stocks of fuel that will last for months.

“We are safe for the next few months since we are bringing in more volumes of fuel,” added Buluma.

She further said NOCMA has also reserved additional fuel in Dar es Salaam and Beira ports.

Minister of Energy, Ibrahim Matola, said government is currently implementing reforms which among others include the expansion of the strategic fuel reserves.

“We want to make sure that there is enough fuel supply in the country in large volumes by among others utilising the use of Nacala Corridor once the project is complete by June this year,” said Matola.

Matola applauded NOCMA for making sure that fuel is available in the country.

Meanwhile, Buluma has disclosed that the capacity of fuel strategic reserves will be increased by an additional 60 million litres in all the regions with each region getting additional 20 million litres of fuel by 2024 at the value of K18 billion.

Currently, the country’s fuel reserves have a capacity of 60 million litres.

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