Libya eases Zimbabwe's fuel shortage
Zimbabwe’s acute fuel shortage has been alleviated over the past few months as oil dispatches regularly arrive from Libya. Currently, it is estimated that as much as 70 percent of Zimbabwe's fuel supply originates from Libya, making it the largest supplier of petroleum fuels to the southern African country, the official Herald daily reported.
A $360 oil supply agreement was signed between the governments of Zimbabwe and Libya in August 2000. Payment in Zimbabwean currency was agreed upon, aiming to ease the country’s critical forex shortage. The Libyan Arab Foreign Bank was to provide the funding needed for the fuel deal.
In February, a Libyan consortium was reportedly granted the first preference in taking over the government's 75 percent shareholding in Oil Blending Enterprises, a subsidiary of National Oil Company of Zimbabwe (NOCZIM), according to the Zimbabwe Standard. — (menareport.com)
© 2002 Mena Report (www.menareport.com)