By Linda Kwanjana
National Oil Company of Malawi (NOCMA) says Malawi will benefit from the United Emirates fuel deal because according to the signed Memorandum of Understanding (MOU) , the fuel commodities supplied, will be paid in Malawi Kwacha.
NOCMA Chief executive officer Clement Kanyama says currently no financial transactions have taken place on the fuel deals because the paper work has not been completed
“The Proposed single sourcing of a fuel supplier are to be paid in Malawi
Kwacha this is good because currently foreign currency has been singled out as a major challenge towards fuel procurement” he said.
He said this supplier has accepted to receive the Malawi Kwacha because he has some investments within the country.
He said Malawi Government and the Office of the Head of Ras AI Khaimah
(one of the Emirates, making-up the United Arab of Emirates (UAE) s⁰⁰igned an MOU in March 2021. The MOU identified a number of areas for posp4psible cooperation, namely; Banking, Mining and Natural resources.
He said , the MOU also focuses on Infrastructure Projects on Railways, Energy Transformation, Aviation, Tourism Development, assets Digitalization.
He said currently there is no any fraud or any corrupt dealings happening on the fuel deals.
The CEO said with the presence of the MOU, Highness Sheikh Saud bin Qasimi and NOCMA held an engagement, under which NOCMA was offered a condition in which Malawi Kwacha as a currency, was
to be used for the payment of fuel imports.
“With this arrangement this was the main
advantage, a financial review reported of the offer being competitive, when compared with premiums being paid to current
suppliers,” he said.
