Feruka Oil Refinery declared archaic

The technology at the Feruka Oil Refinery plant has been declared archaic resulting in investors shunning the project in the past five years.

Zimbabwe's dream to have a refinery that will enable the country to import cheaper crude oil leading to the reduction of fuel prices cannot be achieved in the foreseeable future as the Feruka Oil Refinery has become obsolete.

According to sources within the Ministry of Energy and Power Development, for the past five years only two investors expressed interest in the Feruka project but after realising that the project is privately owned by a firm in Kuwait, they abandoned their missions.

It is also believed that technological experts have advised government against investing in the plant as it is cheaper to procure finished product than investing in the resuscitation of the plant.

Zimbabwe Energy Regulatory Authority Chief Executive Officer, Engineer Gloria Magombo however remains hopeful the government will do something about the plant.

The Feruka refinery closed down in 1966 after operating for only six months.

The plant is now aged and does not have the capacity to meet modern market demands.

Unsubstantiated studies and researches done long back showed that it is not viable to operate the refinery.