Mutapa Investment Fund Gets US$2.2 Million Dividend From NOIC
The Mutapa Investment Fund has received a 2023 dividend of ZiG31 million (US$2.2 million) from the National Oil Infrastructure Company of Zimbabwe (NOIC), one of over 20 state-owned companies that the sovereign wealth fund now runs.
NOIC is responsible for pipeline transportation of petroleum products and storage in strategic depots across the country and also offers blending services on behalf of clients at its depots.
According to newZWire, the dividend adds to the US$1 million dividend that NOIC declared for 2022. Simba Chinyemba, chief investment officer at Mutapa, said:
The dividend is a commendable thing. There are also various projects that NOIC is doing, chief of which is increasing the capacity of the oil pipeline capacity.
According to NOIC CEO Wilfred Matukeni, the project will see the pipeline from Feruka adding capacity from 2 billion litres per year to 3 billion litres by September. A second phase which will increase capacity to 5 billion litres.
NOIC makes its money by charging importers for using the pipeline and its storage facilities.
In November 2023, President Emmerson Mnangagwa commissioned a six million litre ethanol storage and handling facility at NOIC in Mabvuku, Harare.
Mnangagwa said that the two ethanol storage and handling facilities were installed with a capacity of three million litres each.
NOIC is also building 2 000-metric-tonne LPG storage facilities.
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