The National Oil Company of Malawi (NOCMA) mortgaged a K46 billion loan from the Trade Development Bank to provide fuel in the country.
Hellen Buluma, Deputy Chief Executive Officer for NOCMA made the statement when the Minister of Energy, Ibrahim Matola, explored the fuel reserves at Matindi in Blantyre.
According to Buluma, the amount will assist NOCMA in importing 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 several months.
“We are safe for the next few months since we are bringing in more volumes of fuel and be assured that NOCMA has reserved additional fuel in Dar es Salaam,” explained Buluma.
Ibrahim Matola, Minister of Energy said government is implementing reforms which will include expansion of the planned 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.
The capacity of fuel strategic reserves will be multiplied by the additional of 60 million litres in the regions with each region having additional of 20 million litres of fuel by the end of 2024 at the value of 18 billion kwacha.