Gvt classifies Muzarabani as priority project
The office of the President and Cabinet of Zimbabwe has identified Invictus Energy Limited’s Muzarabani project as a priority development project that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle-Income Economy by 2030 the company has said.
Rudairo Dickson Mapuranga
The company which owns 80 percent stake in the Muzarabani oil through its subsidiary Geo Associates Private Limited, said that it is encouraged by the strong support being offered by the Government of Zimbabwe to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe.
The classification of the company as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the president’s vision of the country turning to a middle-income Economy by 2030 was after the Ministry of Mines and Mining Development has been tasked to identify priority projects to be implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using the Rapid Results Initiative.
The Company’s Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle-Income Economy by 2030.
The company said that its PSA will ensure that a predictable, stable and transparent legal and fiscal regime is put in place that is commensurate with terms in the region, follows international best industry practice and meets the country’s aspirations.
According to the document released by the gas and exploration company, Invictus and One-Gas Resources look forward to working in conjunction with the Office of the President and Cabinet and the Zimbabwe Ministry of Mines and Mining Development and other Ministries to progress the Cabora Bassa project to ensure that key outcomes are delivered during this period.