TZ firm to invest 240bn /-in Zambia’s gas sector

TANZANIA-Zambia good relation continues opening up trade and investment opportunities for businesspeople and investors in both countries as Tanzanian Taifa Gas Company on day announced to invest 240bn/- in the power sector in Zambia.

The Taifa Gas, which is the largest LPG investor, will invest in Zambia in a joint venture with a Zambian local company, Delta Marimba Limited represented by Padmore Muleya.

The company will establish Zambia’s first Liquefied Petroleum Gas (LPG) to power plant in Northern Zambia.

Additionally, Taifa Gas will explore other opportunities related to LPG utilisation, including gas-to-power solutions.

The power plant, once operational, will contribute an additional 100 megawatts to the Zambian national grid.

Taifa Gas is part of Taifa Group of companies and it will Taifa Group investment of this project.

Taifa Group boasts multi-million-dollar investments in power generation development in addition to LPG production, importation, storage, safe handling, distribution, and export. It is actively involved in energy developments throughout East Africa.

The investment in Zambia will be in the range of 100 million US dollars (about 240.4bn/-).

The company said the decision to invest in Zambia at this time was primarily driven by the favourable investment climate and policies created by President Hakainde Hichilema.

Mr Rostam Azizi, Chairman of Taifa Group, stated, “Tanzania and Zambia share a profound historical connection, and there has never been a better opportunity to invest in Zambia.

“We are excited to contribute to Zambia’s energy landscape and foster closer ties between Tanzania and Zambia.

As we embark on this venture, we remain committed to upholding the highest standards of environmental sustainability, social responsibility and operational excellence,” he said.

He said Taifa Group has a proven track record in successfully executing similar projects, and it brings its expertise and experience to Zambia.

Its partnership with Delta Marimba Limited ensures a collaborative approach that leverages local knowledge and resources for the project’s success.

Looking ahead, Taifa Group envisions expanding its presence in Zambia and exploring further opportunities in the energy and mining sectors.

“We are confident that our investment will catalyse growth and development, and we look forward to a prosperous future for both Taifa Gas and the Zambian power sector,” he added.