ZDA Approves USD 510 Million Oil Refinery Project in Ndola

Ndola, Copperbelt Province — The Zambia Development Agency (ZDA) has issued an Investor License to China Zambia Petrochemical Energy Company Limited, clearing the way for the construction of a state-of-the-art oil refinery in Ndola. The project, representing a committed investment of USD 510.49 million, is expected to create 454 jobs and significantly advance Zambia’s industrialization agenda.

The refinery will be developed through a Special Purpose Vehicle (SPV) partnership between the Industrial Development Corporation (IDC) and Xiang Xin Holding Co. Limited, and will be located within the Sub Sahara Gemstone Exchange Industrial Park in Ndola.

ZDA Director General Albert Halwampa described the issuance of the Investor License as a critical milestone that triggers the next phase of the project.

“It is gratifying that such an important company in a strategic sector is achieving key milestones and is close to actualizing its investment. This reflects the high investor confidence currently prevailing in Zambia,” Mr. Halwampa said. He also commended President Hakainde Hichilema for championing investment promotion and trade, which has attracted unprecedented investor interest.

Mr. Halwampa emphasized that the Investor License provides access to incentives, including duty exemptions on equipment and machinery, helping to reduce operational setup costs. He also cited Zambia’s debt restructuring, macroeconomic stability, and declining inflation as factors driving investor confidence.

IDC Director Cornwell Muleya welcomed the approval, describing it as a significant step toward finalizing agreements and implementing the project within the agreed timelines. “This project heralds a new dawn of industrialization and marks a turning point to restore Zambia’s industrial glory,” he said.

Xiang Xin Holding Co. Limited Chairman, Tieming Huang, expressed gratitude to ZDA, IDC, and the government for their support and facilitation. The event was also witnessed by Phestos Musonda, developer of the Sub Sahara Gemstone Industrial Park.

The refinery is expected to enhance Zambia’s downstream petroleum capacity, stimulate economic growth, and position the country as a regional hub for oil processing in Southern Africa.