Zambia is looking for financiers for the import of 1.4 million tonnes of semi-processed oil for a period of three years, the ministry of finance said on Wednesday.
The government also advertised for expressions of interest to provide a revolving financing facility for the import of diesel and petrol for the same period, it said in a statement.
“These financiers are going to provide the money upfront. The PTA Bank is the financier for the existing facility,” energy minister Christopher Yaluma told Reuters.
The financing would cover the import of semi-processed oil shipments which would be delivered in cargo lots of about 90,000 tonnes every 45 days, the ministry of finance said.
In 2012 commodities trader Trafugura was awarded a $500 million contract to supply semi-processed oil to Africa’s second largest copper producer for a period of two years.