M a r k e t N e w s

Tanzania Has Huge Gas Deposits - Minister

Posted on : Friday, 17th June 2016

Dodoma — With over 57 trillion cubic feet of gas, the government has boasted of a huge capacity that can accommodate serious investors in petrochemical manufacturing.

Industry, Trade and Investment Minister Charles Mwijage told the National Assembly here that the government has already invited HELM AG for final negotiations over the project execution.
The German firm intends to invest over two billion US dollars for the development of a huge petrochemical plant at Msanga Mkuu, in Mtwara region.
Answering a question by Ms Hawa Ghasia (Mtwara Rural-CCM) who demanded to know the government's stance on the project, Mr Mwijage said following the technical evaluation over the project subject to the gas utilization master plan and the gas reserve, the government has approved the project.
He said the available gas reserve can easily accommodate the project, which requires 104 mmcf of gas per day. Meanwhile, non-performing industries will be repossessed, the government reaffirmed here, urging all investors who acquired the former public factories to ensure that they are working.
Mr Mwijage told the National Assembly here that the government was determined to repossess all industries not producing and give them to serious investors. He said it was through industries that the government envisages creating jobs for Tanzanians and contributing to the national income.
Mr Mwijage said already the ministry and the Treasury Registrar are evaluating all the privatization contracts of idle industries before deciding to retake them.
The minister was answering the question by Stephen Masele (Shinyanga Urban-CCM) who demanded to know the government's plan against the investor of Tripple S Beef Ltd whom he accused of failure to operate the industry.
The minister said the factory was among 55 industries under evaluation to determine its efficiency and implementation of the terms under the privatisation contracts.
Already the treasury registrar has demanded an elaborate strategic plan and business plan that the investor has to revive the factory, with the aim being to give priority to the current investor, said Mr Mwijage, warning that the government will retake the factory should the investor fail to use the opportunity.

Source : allafrica.com
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