The Industrial Development Corporation says five companies that submitted applications for pre-qualification have been shortlisted for the next stage of selecting a strategic equity partner in Indeni Petroleum Refinery Company Limited.

Last month, the Industrial Development Corporation (IDC), in collaboration with the Zambia Development Agency (ZDA), received a total of seven bids for pre-qualification for the next stage of selecting a strategic equity partner in Indeni Petroleum Refinery.

According to IDC public relations manager, Namakau Mukelabai, IDC have shortlisted five entities for pre-qualification to the next stage of selecting a strategic equity partner in Indeni.

“The five companies who will be invited to submit Request for Proposals (RFP) are: 1. Glencore Energy Limited of the United Kingdom; 2. China Petroleum Technology and Development Corporation of China; 3. Joint Stock Company Global Security of Russia; 4. Sahara Energy Resources Limited of the United Kingdom; and 5. Beijing Huiersanji Green Chem – Tech Co. Ltd and Avic International Holding Corporation Consortium of China,” Mukelabai announced in a press release Monday.

Commenting on the development, IDC chief executive officer Mateyo Kaluba noted that the move to bring on board a strategic partner was necessary to meet Zambia’s huge fuel demand.

“IDC envisions that a strong strategic equity partner will upscale the production capacity of Indeni to a level that will meet the nation’s petroleum demand for the future. Experts have projected national consumption for fuel in Zambia to hit around 3.5 billion litres by 2030. It is this reason that the IDC would like to ensure Indeni remains relevant to the Zambian economy even by 2075, while at the same time it plays a role in the reduction of fuel pump prices”, stated Kaluba.