Puma Energy has made a significant investment to expand fuel storage capacity at its Lusaka depot, a move expected to greatly enhance energy security in Zambia and spur economic growth.
During the inauguration of the Phase One expansion project, Mr. Siazongo Siakalenge, the Deputy Secretary to the Cabinet for Finance and Economic Development, commended the company’s $13 million investment in Zambia’s petroleum sector.
Mr. Siakalenge pointed out that the expansion will boost the Lusaka depot’s capacity from 3.4 million liters to 9.2 million liters by December 2025, upon the completion of Phase 2. He emphasized that this development will not only strengthen fuel supply security but also address long-standing challenges that have hindered the petroleum industry.
“This investment from Puma Energy will play a vital role in our economic growth by ensuring a steady fuel supply, which will have a ripple effect on other key sectors of the economy,” remarked Mr. Siakalenge.
He further highlighted the importance of collaboration between the government and the private sector, noting that Zambia has achieved full private sector engagement in petroleum importation, showcasing confidence in the private sector’s ability to drive economic progress.
The Deputy Secretary also mentioned that upon the completion of Phase Two, the depot is expected to support an annual product turnover of 292.8 million liters, marking a significant milestone in enhancing Zambia’s energy resilience.
In a related comment, Mr. Mark Russell, the Chief Executive Officer of Puma Energy, reiterated the company’s commitment to bolstering Zambia’s energy security and facilitating economic transformation.
“This expansion marks a crucial step in our goal of securing a robust energy future for Zambia. Our mission goes beyond just providing energy; it aims to empower communities and drive developmental progress,” stated Mr. Russell.
Additionally, the CEO underscored the need for regional cooperation, identifying strategies such as supply chain diversification through the Lobito Corridor in Angola and Walvis Bay in Namibia as key measures to ensure a reliable fuel supply.
Mr. Russell conveyed Puma Energy’s eagerness to work closely with the government to address supply chain inefficiencies, stressing that strong partnerships are essential for shaping a stable energy landscape.
