Home / Business / Zambia firm plans $15m gas project

Zambia firm plans $15m gas project

A ZAMBIAN-BASED company, Chingases Limited, has revealed plans to invest at least $15 million in Bulawayo in gas production, an official has said.

BY MTHANDAZO NYONI

In an interview with journalists on the sidelines of the Bulawayo special economic zones breakfast meeting organised by Alpha Media Holdings and Bulawayo City Council, Chingases Company Limited managing director, John Zhang said they were looking forward to investing $15 million in Bulawayo.

“We went to Harare and other cities and finally we have chosen Bulawayo for our first choice for the investment in gases plant. Once we put investment normally we put three units…Our plan to Bulawayo is to find out a suitable size of space which must be at least two to three hectares where we can set up our workshop…,” Zhang said.
“Our investment in the first phase, it’s about $5 million . . . The maximum goes to $15 million, but the first phase is very important,” he said.

Zhang said they needed answers on the incentives offered by government and local authorities to foreign investors.

“I didn’t get the exact answers about the incentives, tax exemption from our machines, even tax incentives for our income tax. We stay in Zambia we have been enjoying such incentives exemption already. We have got 10 years income tax incentives . . . ” he said.

Zhang said the other concern was about the policies under the special economic zones.

“We are still much concerned about these, we need to get direct answers from the council authorities of Zimbabwe then we can make a quick decision. So this is what we are concerned about,” he said.

“If we can set up our plant we can supply our gases locally, the cost would be lower, prices would be lower compared with the situation right now.”

The company specialises in medical and industrial gases.

“In Zimbabwe in future once we have come to Bulawayo and put our investment, once we start our operation we will see the situation maybe we will try to do the same way as we are doing now in Zambia,” he said.

In Zambia Zhang said they have established more outlets across the country.

The first phase of the project would create jobs for 100 people. He said they chose Bulawayo because of its proximity to Zambia and the city was very prosperous

Source :

Newsday

Check Also

First Capital Bank to focus on growing lending book

First Capital Bank Limited Zimbabwe will focus on aggressive lending going forward to grow its …

error: Content is protected !!