LUSAKA, ZAMBIA - Stanbic Bank has lent its weight to Zambia’s emerging oil and gas sector as energy efficiency becomes an increasingly important factor in the economy.
The bank, which provides financial solutions across the oil and gas value chain through its corporate and project finance, was a main sponsor of this week’s Oil and Gas conference in Lusaka.
The event, hosted by the Ministry of Energy, brought industry stakeholders together to discuss and highlight workable plans and projects to enable the country to achieve fuel security.
Speaking at the conference, Motsei Modise, Oil and Gas Client Manager for Southern Africa at Standard Bank, of which Stanbic Bank is a member, said: “We are aware of the initiatives the government is trying to do to import fuel into Zambia, the first being from Angola as well as improving and renovating TAZAMA pipeline.”
“As Stanbic Zambia we are very much supportive, and we would like to participate not only from a funding perspective but as well as from an advisory side.”
Speaking during a panel discussion on De-risking the Downstream – Financing and Risks Associated, Mrs Modise said: “This conference has indicated that there is need for more financing in the development of fuel and security,” she said. Through this conference we have started conversations and networking with various entities to see how can help with your financing in the fuel sector.”
Stakeholders in the energy and financial sectors highlighted options Zambia could take to achieve Oil and Gas security in the short term and long run.
In her presentation Mrs Modise highlighted that Zambia’s existing crude oil pipeline from Dar es Salaam to Ndola currently transports part-refined products, making it inefficient. Changing fuel specifications and converting the pipeline to carry refined products, or building a new line adjacent to it from Angola would help supply sufficient fuel and achieve energy security.
The fuel and financial sectors are intertwined in driving growth in the country’s economy in terms of of infrastructure, offering employment and uplifting local enterprises, she added.
As one of the official contributors at the Oil and Gas conference, Stanbic reinforced its capacity to drive the energy industry through financing options at the individual, enterprise and corporate level.