German firm plans to set up biofuels plant in Zambia
- Source: Xinhua
- [09:07 June 12 2009]
- Comments
A German firm has shown interest in opening up a biofuels plant in Zambia, the Zambia News and Information Service (ZANIS) reported on Thursday.
Man Ferrostaal, a firm specialized in biofuels, plans to invest 500 million U. S. dollars in the setting up of the plant in the southern African country, ZANIS said.
Company Vice President Horst Weretecki said in Lusaka that the five-year project was expected to commence in the next six months, adding that during the six months the company will study the local demand for biofuels and hold discussions with various stakeholders.
The vice president disclosed that once opened, a lot of Zambians are expected to benefit as the plant will create job opportunities for local people.
Weretecki also said there was a conducive environment in the energy sector in Zambia that needed to be exploited, adding that for various sectors to grow they depend on the energy sector.
The development of the energy sector would allow the southern African country to overcome challenges that accrue when importing crude oil from the international market which requires a lot of foreign exchange, Weretecki said.