NATIONAL Oil Company of Zimbabwe (NOIC) says it does not expect the Middle East crisis to disrupt the movement of fuel to the nation as it is well prepared to source the product from other suppliers.
NOIC chief executive officer (CEO) Wilfred Matukeni told a Parliamentary Portfolio Committee on Public Accounts (PAC) currently on a fact-finding mission of Mutapa Investment Fund (MIF) entities’ operations the oil company will continue to meet its obligations despite the war in Iran that has led to the closure of the Strait of Hormuz.
“We are glad to inform the Committee that in terms of the obligations, NOIC is able to meet its obligations as they are at. So, we do have a strong balance.
“We expect a strong performance to continue toward the year. Despite the discussion that has happened in the United States, we have to see a continuity.
“I demand for the movement of the products, and our customers are meeting their obligations. So, we expect a strong performance again for 2026,” Matukeni said.
The NOIC revealed that through some traders, the company expected adequate stocks.
“Some fuel would move from Europe, Nigeria, Nigeria to Thailand, and also from South America. It’s possible to bring the fuel here until that it is dissolved.”
Soon after the closure of the Strait of Hormuz in the Middle East, global fuel prices shot up.
The situation in Zimbabwe has been stable over the past weeks though the prices of both diesel and petrol were slightly higher than those in the region.
Matukeni reported that to improve on fuel movement and storage, NOIC upgraded the pipeline capacity from $2 billion to $3 billion over the years since its inception in 2011.
“At the moment we are in the process of upgrading, expanding the capacity from $3 billion to $5 billion.
“We expect that by the end of next year we should have a $5 billion capacity,” he told PAC.
“In terms of the storage capacity, we put a total of $500 million. We have put adequate storage to store the product.
“We will shoot whatever challenges that are in there and there will be enough solutions to find other alternatives for it to be resolved without the distraction of the fuel that is coming in the company.”
According to him, the company profits increased from US$36.8 million the previous year to US$45.
NOIC will hold its annual general meeting AGM expected by June 30, 2026.
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