New York Stock Exchange listed lubricant firm Valvoline has become the latest show of growing confidence by international firms with revelations that it intends to establish a mega-million lubricant plant in Zimbabwe through a partnership with Zuva Petroleum.
This is one of the many expected heavyweight deals that Zimbabwean corporations are going to be involved in as the government continues to pull in foreign direct and other forms of investment said the guest of honour and Minister of Energy and Power Development, Ambassador Simon Khaya-Moyo.
“To our friends from Valvoline we would like to assure you that your investment in Zimbabwe is not only safe but will be a profitable one,” said Ambassador Khaya Moyo.
The synergy between the two oil companies will see an establishment of a lubricants plant in Zimbabwe that will support numerous upstream and downstream industries.
The New York Stock Exchange listed company will use their products to efficiently support mining and agricultural activities.
Experts estimate that the country’s engine oil requirements are in excess of 40 million litres annually, not including the mining and other sectors therefore this partnership is a welcome development given Zimbabwe’s rapidly growing vehicle population.