Africa-Press – Eswatini. The Strategic Oil Reserve project has a capability of making Eswatini to be an oil producing country.
This was said by Mafutseni Member of Parliament (MP) Sabelo Mtsetfwa, who seconded Lobamba Lomdzala MP Marwick Khumalo on a Finance Portfolio Committee report on a E5.2 billion Loan Bill that was meant to construct the Strategic Oil Reserve facility. This happened on May 27, 2025 in the House of Assembly. The facility will be constructed in Phuzumoya, in KaMkhweli Chiefdom, under Siphofaneni Inkhundla in the Lubombo Region.
Mtsetfwa pleaded with his fellow MPs to adopt the report and further pass the Loan Bill. Mtsetfwa said the project, which attracted a biggest loan ever secured by Eswatini, could look expensive now. However, in the future, the country stood to benefit, as this country could become an oil producer. He said as time went on, this country could further expand this project and procure an oil refinery that would refine oil to many different petroleum products.
These products, according to Mtsetfwa, could be used within Eswatini and could also be sold to other country, especially in the SADC region. He made an example of South Korea, saying the Asian country did not have any oil deposits, but it was able to sell oil products to other countries. The example of South Korea was further expanded on by MP Prince Lindani.
Prince Lindani started by expressing gratitude to His Majesty King Mswati III for maintaining diplomatic relations with Taiwan. He mentioned that Taiwan assisted the country in many aspects, including health, budget support etc. He further mentioned that on the King’s Birthday, Taiwan’s President Lai Ching-te sent a high-level delegation to be part of the ceremony and look at many development projects of the country, including the Strategic Oil Reserve facility. The delegation was led by Taiwan’s Minister of Foreign Affairs, Dr Lin Chia-lung.
The prince further submitted that the king took part in the Korea-Africa Summit, which took place between June 4 and 5, 2024. During the summit, the king was taken to Busan, one of the cities of South Korea, to see their Strategic Oil Reserve. Prince Lindani submitted that they also started small, from a capacity of 60 day, expanding to 90 days over time, and ending up having their own refinery. This refinery produced by-products, which were also bought by the country.
According to Prince Lindani, Minister of Commerce, Industry and Trade Manqoba Khumalo was part of the king’s delegation and he attested that Eswatini bought some of the products. The country, according to the prince, was inspired that it would reach South Korea’s status one day. He mentioned that they were also advised in South Korea on how to construct the right Strategic Oil Reserve.
Minister of Commerce, Industry and Trade Manqoba Khumalo mentioned that the facility will protect the sovereignty of the country, as that would give security of supply to the country. Another thing was that there were benefits related to trade and ways of managing the environment would be used in this project. He further mentioned that the structure was resilient to conditions such as typhoon.
Prime Minister Russell Mmiso Dlamini expressed gratitude to the MPs for seeing it fit that they approve this project because it was going to strengthen the country’s sovereignty and stimulate economic activity. Deputy Prime Minister (DPM) Thulisile Dladla said they were happy that MPs approved this project. She mentioned that she once went to Saudi Arabia together with one of Emazinyane and they were asked about this project.
Dladla said when they informed them that a company from Taiwan would be building this facility, Saudi Arabia expressed happiness, meaning that by engaging Taiwan in this project, the country was on the right track.
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