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Noczim wants state to take over $18 billion debt

    JOHANNESBURG

    The National Oil Company of Zimbabwe (Noczim), has asked the Zimbabwean government to take over its US $18 billion debt and give management and the board the power to adjust the prices of fuel to commercial rates, 'The Herald' said on Monday.

    The report said that Noczim was currently importing fuel from the 25 percent allocation of the available foreign currency in the country at any given time. The supplies are arriving in the country daily by trains from South Africa. However, the bulk of the country's fuel requirements come from the International Petroleum Group of Kuwait through the port of Beira, Mozambique. The report said that Noczim had failed to pay IPG, which is holding back the fuel at Beira. Noczim owes IPG US $40 million for supplies already delivered.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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