NOIC Seeks US$1,5m for Ethanol Project
by Almot Maqolo (MSN News) National Oil Infrastructure Company of Zimbabwe (Noic) says it requires about US$1,5 million to complete the construction of its two ethanol storage tanks at its Mabvuku depot in Harare.
The firm began operations as NOIC in March 2011 after it was unbundled from its predecessor, the National Oil Company of Zimbabwe.
Noic chief executive Wilfred Matukeni told standardbusiness that acute shortages of foreign currency were stalling the completion of the tanks, which have a combined storage capacity of six million litres.
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The southern African nation has in the past been emphasising on the need to promote ethanol blending to cut the cost of petroleum imports amid worsening foreign currency challenges.
In June 2018, the country increased the mandatory blending ratio of unleaded petrol from 15% ethanol to 20%. READ MORE