…Ziscosteel closure raises imports
HARARE – Industry and Commerce Minister, Dr Sekai Nzenza, says the closure of steel giant, Ziscosteel, has forced the country to spend about US$1.1 billion every year importing steel and steel products.
She made the remarks in her keynote address during the inter-ministerial committee tour of the Ziscosteel plant in Redcliff at the weekend.
Dr Nzenza said this was a signal that the revival of Ziscosteel should be a top priority for the economy.
“The revival of Ziscosteel is vital to the revival of the steel industry as it unlocks the whole steel value chain. I trust that we all agree that the steel industry is the backbone of the industry as it provides raw materials to the agriculture, construction, mining and transport industry among others,” she said.
“Currently the country is importing about US$1.1 billion worth of steel and steel products per annum. This shows that the revival of the company should be number one priority for the government.”
Dr Nzenza said Government was gravely concerned about the “astronomic” figure that is used to import steel yet all the required resources were locally available.
“We are importing steel from
Turkey and other countries, yet we have all the requisites to be producing our own steel for exports.
“As a result, Government is more serious than before on the revival of Ziscosteel as we cannot continue losing such huge sums of money to importing something we can produce on our own. It does not paint a good picture for our country,” she said.
Gone are the days when Government would entertain non-committed investors, said the minister as she expressed frustration over false starts in transforming the defunct steel giant.
“We have no time to sit around a table with investors who are not serious about walking on the road of transforming Zimbabwe with us. It is very easy for us thorough due diligence process to know who is with us and who is not.
Speaking at the same occasion, Information Communication Technology (ICT), Postal and Courier Services Minister, Dr Jefferson Muswere, said there was need to focus on the revival of Ziscosteel with more zeal.
“He said it was time for action not words. “It is now time for us to walk the talk, we have been talking for a long time and it is now time for us to act. We should put our heads together so that we achieve this goal,” he said.
The British oil explorer said it had been granted another 15 months for exploration phase of the Turkana oil project, essentially pushing ahead production timelines and extending the long-awaited final investment decision.
Tullow in a statement accompanying its half year results to June 2020 said the extension was part of the deal that led to its lifting of a force majeure on the project last month.
The explorer said it had suspended its intended sale of stake in the project without specifying its next move on the intended farm down for a 50 percent shareholding in blocks 10BB and 3T in the Turkana.
“Kenya has agreed to an initial extension to the second additional exploration period for the 10BB and 13T licence blocks until 31 December 2020 with a final extension until 31 December 2021, contingent on an agreed work programme and budgets.
“Separately, the farm down