Africa-Press – Eswatini. The strategic oil reserve facility to be constructed in Phuzumoya will make it easy for Abu Dhabi and Dubai oil traders to invest in Eswatini.
This was said by His Majesty King Mswati III during a press conference held yesterday at the Ludzidzini Royal Residence.
The king was giving feedback to the media following his trip to three countries, including United Arab Emirates (UAE), Taiwan and South Africa.
The king said the main purpose of the trip in all the countries was to attract foreign investors. The strategic oil reserve facility will be built by the ministry of natural resources and energy, through the Eswatini National Petroleum Company (ENPC), which is a parastatal under this ministry.
For the next 36 months, the strategic oil reserve will be improved such that it is able to accommodate fuel for 30 days.
The main goal for this project, which is worth E2 billion, is to give fuel security to Eswatini for at least three months.
The king said Eswatini could benefit from the crude oil and natural gas produced in Abu Dhabi and Dubai because oil proved to be a resource that was necessary for life to be easier. He said the natural gas could be used in Eswatini in a number of ways.
The king said Eswatini’s relationship with the UAE would make it easy import oil from both Abu Dhabi and Dubai.
The strategic oil reserve, according to the king, could come in handy to store the oil that could be traded with the UAE. He said business people in the emirates had shown great interest to invest in the country.
According to the international trade administration, the UAE is among the world’s 10 largest oil producers. About 96 per cent of the country’s roughly 100 billion barrels of proven oil reserves are located in Abu Dhabi, ranking number six worldwide. The UAE produces an average of 3.2 million barrels of petroleum and liquids per day.
In his trip, the king made his first stop in Abu Dhabi, before going to Taiwan. He then went to Dubai after visiting Taiwan, before going to South Africa.
He said the Eswatini delegation was welcomed very well in the UAE.
He said the Eswatini embassy in the UAE made it easy for the delegation to have a series of meetings.
In Taiwan, the king and his delegation were warmly welcomed by the Taiwan President Tsai Ing-Wen, who took them through a bilateral programme aimed at strengthening the relationship between the two countries.
The king said they were happy that Taiwan was winning its battle against the COVID-19 pandemic as they were still on lockdown.
However, he said the lockdown was now relaxed and the use of vaccines had helped a great deal in reducing the prevalence rate of the pandemic.
The king said they visited a number of businesses in Taiwan, with one of them being a drone-making company, which was not less than E400 million.
The company, according to the king, made drones that made it possible to farm and transport goods.
He said this company also wanted to invest in the country which could enhance the farming and transport industries where numbers of locals were employed.
The king mentioned that there were many other companies that showed interest in investing in Eswatini.
He said Amitofo, which had already built a school in Nhlangano, wanted to build a university, which would focus on science and technology.
He said Amitofo also wanted to build a school within the Manzini-Mbabane corridor.
The king also said he was of the view that the investments had come at the right time because the country already had the Royal Science and Technology Park, which was built with the help of Taiwan.
The last country to be visited by the king and his delegation was South Africa, where they took part in the coronation of Zulu King Misuzulu Ka Zwelithini.
The event took place the Moses Mabhida Stadium in Durban.
The king said he was happy to witness the coronation of the Zulu King, which was well attended by AmaZulu natives and other people from other parts of the world.
He said he would pray for the Zulu king in order for him to lead his nation to greater heights.
He said the event was graced by leaders such as South African President Cyril Ramaphosa. The king said other leaders from different parts of Africa and the world also took part in the event.
He said they also had a chance to talk to business people who were also part of the event.
“We told them that Eswatini was open to doing business with South Africa, more so because it was our neighbouring country,” the king said. He said neighbouring countries needed to work together in coming up with programmes to improve sectors such as transportation, communication and others.
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