Zimbabwe government signs $1.3 billion fuel pipeline deal with British firm Coven Energy
Analysts have since hailed President Emmerson Mnangagwa for working so hard to steady the ship.
Zimbabwe has signed a $1.3 billion (R19 billion) joint venture agreement with British-based Coven Energy to develop a fuel pipeline from the Mozambican port city of Beira to the capital city Harare, the minister of information has confirmed.
Monica Mutsvangwa said the pipeline would compliment the existing one that also links Harare and Beira and make landlocked Zimbabwe a fuel hub for the Southern Africa region.
"The pipeline will be built over four years at an estimated cost of $1.3 billion. The partnership will be for a period of 30 years," Mutsvangwa said during a recent post-Cabinet briefing.
Unlisted Coven Energy will form a 50-50 joint venture company with state-owned National Oil and Infrastructure Company, Mutsvangwa said.
Analysts have since hailed President Emmerson Mnangagwa for working so hard to steady the ship.
His efforts to revive the Zimbabwe economy which has been on penurious and satanic sanctions at the hands of western governments, are slowly paying fruits as evidenced by drop in inflation from triple digits to now stand at slightly above 50 per cent.
The drop in inflation has also resulted in stabilisation of the local currency and bolstered consumer purchasing power.
Most of the shops that used to have empty shelves are now filled with mostly locally made products, an indication that the country's manufacturing industry is sprouting back to life.
Despite Mnangagwa's extension of hand of friendship, the powerful western governments are not willing to bulge and bring back Zimbabwe on the table as an equal partner.
This has forced Zimbabwe's leadership to look for friends elsewhere around the globe.
Once the mega pipe line is complete, Harare would become strategic hub for refined fuel supplying to countries such as South Africa, Botswana, Zambia, Malawi as well as the Democratic Republic of Congo.