The Zambia Development Agency (ZDA) has issued an Investor License to China Zambia Petrochemical Energy Company Limited, clearing the way for the construction of a state-of-the-art oil refinery in Ndola, Copperbelt Province. The project, valued at USD 510.49 million, is expected to create 454 direct jobs and significantly advance Zambia’s industrialization agenda.
The refinery will be developed under a Special Purpose Vehicle arrangement between the Industrial Development Corporation (IDC) and Xiang Xin Holding Co. Limited. It will be located within the Sub Sahara Gemstone Exchange Industrial Park in Ndola, a strategic site chosen to maximize industrial synergies and economic impact.
ZDA Director General Albert Halwampa described the issuance of the Investor License as a critical milestone that moves the project into its next phase. He highlighted that the project reflects growing investor confidence in Zambia and praised President Hakainde Hichilema for his efforts in promoting trade and investment.
“The Investor License enables access to incentives such as duty exemptions on equipment and machinery, lowering operational setup costs,” said Mr. Halwampa. He added that Zambia’s favorable business environment, including debt restructuring, macroeconomic stability, and declining inflation, continues to attract high-value investments.
IDC Director Cornwell Muleya welcomed the license, noting it marks progress toward finalizing agreements and implementing the refinery within set timelines. He emphasized the project as a pivotal step in restoring Zambia’s industrial capacity.
Xiang Xin Holding Co. Limited Chairman Tieming Huang expressed gratitude to ZDA, IDC, and the Zambian government for facilitating the investment. The event was also attended by Phestos Musonda, developer of the Sub Sahara Gemstone Industrial Park.
The Ndola oil refinery is expected to enhance domestic fuel supply, reduce import dependency, and contribute to sustainable economic growth, positioning Zambia as a regional hub for industrial development and energy production.