SOME 500mln Euros will be injected into the mining and petroleum sectors following a recent decision by two investors to tap into the vast potential in Zimbabwe.
One of the two agreements will see Hong Kong based SJ Global Investments – a leading private investment company with significant assets under management and a diverse client base with head offices in London and Dubai – entering into a joint venture agreement with a local company, Unlimited Explorations Pvt Ltd.
This joint venture agreement comes as an initiative to jointly execute projects worth 500 million Euros.
In a recent update S J Global Investments group managing director, Neil Wash said the agreement will unlock potential in a number of minerals in the country.
“With this strategic venture, Unlimited Explorations Pvt Ltd will help unlock the vast natural resources of the country, contributing to its major economic growth. Africa Holdings is the bridge between the government and global investment partners,” he said.
“With our head office in Dubai, wherein we focus on commodity trading, trade finance, project finance and company formation, we are proud of our Hong Kong office’s collaboration with Zimbabwe mining sector as it will help us to expand our investment portfolio and we are committed to all our endeavours and the success of our business is aligned to the success of our clients.
“Our goal is to leave an unparalleled legacy on the world which will bring prosperity to future generations,” he said.
However, finer details on the project roll out are yet to be announced.
The other agreement was entered into between UK based S J Glokal Oil Trading and Line Petroleum, Zimbabwe which will see projects worth 210 million euros being unleashed in the petroleum sector.
The agreement is expected to mark a major milestone in the energy industry as it focuses on fuel imports for distribution in Zimbabwe and other countries in the region.
S J Glokal Oil Trading managing director, Mohamed Abduallah Mohamed Al Masruri said the development marks the journey to leave a strong footprint in Zimbabwe.
“With this joint partnership, Line Petroleum and SJ Glokal Oil Trading is looking forward to making a strong footprint in the energy industry in Zimbabwe and other African countries,” he said.
Market information shows that Line Petroleum enjoys a fuel storage capacity of 50 million litres and also distributes a range of products that include automotive and industrial lubricants and greases , cleaners and degreasers and bitumen.
The fuel will be distributed through the Beira Port in Mozambique.