LOCAL BUSINESS NEWS
There is no fuel Shortage, says Energy Minister as he warns people hoarding fuel
The government has warned oil marketing companies and suppliers that may be engaging in hoarding fuel to desist as their actions border on economic sabotage which is a serious offense.
Energy Minister Peter Kapala has also dispelled rumors that there is an imminent fuel shortage.
Mr. Kapala says discussions with the Government contracted suppliers have been fruitful and products have been delivered to fuel depots and more are on their way to ensure the demand is met.
ZESCO CEC settle dispute
Copperbelt Energy Corporation (CEC) that supplies electricity to mines has paid ZESCO 16 million United States dollars following an arbitration. ZESCO from which CEC buys power for redistribution had claimed that CEC had not fully paid money due to it for electricity supplied under the Bulk Supply Agreement -BSA-. This was in the sum of over 51.6 million dollars plus interest of 2.6 million dollars. Following the arbitration which started in 2019, the sole arbitrator issued a Second Partial Award by Consent on November 2, 2021 ordering CEC to pay the principal sum of 4.2 million dollars plus interest of 12.2 million dollars.
SMEs urged to take advantage of the increased economic empowerment fund in the 2022
Small and Medium entrepreneurs have been advised to take advantage of the increased economic empowerment fund in the 2022 national budget by engaging viable businesses. Senior Monitoring and Evaluation Officer in the Ministry of Small and Medium Enterprise Development, William Kabwe said government has increased the economic empowerment fund from K41 million to K350 million. Mr Kabwe encouraged SMEs and cooperatives to come up with viable business proposals and access the funds under the Citizens Economic Empowerment Commission (CEEC).