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Kuwait City: Zambia National Commercial Bank Plc won a contract to provide $1.2 billion to fund the purchase of crude oil from Kuwait, the Energy Ministry said.
The government will start negotiations with the lender next week to ensure import arrangements are on schedule, Permanent Secretary for Energy Peter Mumba said by telephone yesterday. The government earlier announced that a consignment of crude was expected to arrive this week.
Zambia National Commercial Bank and Finance Bank Zambia Ltd. joined Preferential Trade Area Bank Ltd. in the contest to finance the southern African nation's next consignment of 90,000 metric tons of crude, Lusaka-based Zambia National Broadcasting Corp. reported May 14, citing Mumba.
The government is seeking to cut fuel subsidies, which have cost it about $15 million since August, Secretary to the Treasury Evans Chibiliti said this month at the Euromoney conference in Lusaka.
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