Malawi's Strategic Fuel Reserves ready for commissioning in July 2016
Date
4/20/2016 5:06:57 AM
(MENAFN- The Maravi Post)
The National Oil Company of Malawi Limited (NOCMA) the country's state owned institution mandated to manage the three strategic fuel reserves facilities while promoting competition in the oil and gas industry has assured the public of its readiness to commission comes July this year.
This change will facilitate the efficient management of the Strategic Fuel Reserves without financing from treasury.
'The second reform area is the designation of the Strategic Fuel Reserves as dry ports signifying that all the fuel for the country will be received through these facilities. This will help in bringing efficiency into the fuel supply chain system'.
National Oil Company of Malawi (NOCMA) Limited is government of Malawi wholly owned company registered on December 14 2010 under the companies Act of 1984 and established in line with the Malawi Energy Policy (MEP) of January 2003.
NOCMA is currently involved in fuel importation as the country's second largest fuel importer following the Petroleum Importers Limited (PIL) which consists of the following oil Marketing companies Puma Malawi Total Malawi Petroda Malawi and Engen Malawi Ltd.
Fuel shortages hit Malawi hard in 2010 and 2011during the Bingu wa Mutharika rule which resurfaced in 2012 under President Joyce leadership that both occasions put the nation at stand still in business transaction which prompted the Malawi government constructing the strategic fuel reserves to caution the burden.
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