Zambia, Angola Sign $5B Oil Pipeline Deal

LUSAKA, Zambia, 30 April (UrduPoint / Pakistan Point News - 30th Apr, 2021 ) :� Zambia and Angola have signed a $5 billion deal to build an oil pipeline between the two Southern Africa nations, Zambia's Embassy in Luanda announced Friday.

Lawrence Chalungumana, Zambia's ambassador to Angola, said the project will pave the way a pipeline to supply finished petroleum products from oil-rich Angola to his country.

He added: "This milestone agreement will bring to an end a more than 10-year old complex negotiation process that shall lead to cheaper fuel for Zambia." The petroleum pipeline will be developed by the private sector with state-owned petroleum Angolan firm SANANGOL and the Zambia state company Industrial Development Corporation-IDC Zambia Ltd.

as strategic equity partners.

At the signing ceremony in Luanda, the Zambian government was represented by Energy Minister Mathew Nkhuwa, with Angola represented by Petroleum Minister Diamantino Pedro Azevedo.

Once completed, the Zambia-Angola multi-product petroleum pipeline will transport petrol, diesel, kerosene, and gas.

The project also rekindles hope for the Zambian community to start purchasing gas at a lower price than the current kwacha 17.9 ($0.81) per liter of petrol.