Mutapa Investment Fund Gains US$2.2 Million Dividend from NOIC

July 11, 2024
Mutapa investment management 1 | Report Focus News
Mutapa investment management 1

Harare, Zimbabwe – The Mutapa Investment Fund has received a 2023 dividend of ZiG31 million (US$2.2 million) from the National Oil Infrastructure Company of Zimbabwe (NOIC). This follows a US$1 million dividend declared by NOIC for 2022.

NOIC is responsible for the pipeline transportation and storage of petroleum products in Zimbabwe. It also offers blending services at its depots.

Simba Chinyemba, Chief Investment Officer at Mutapa, praised the dividend and noted NOIC’s ongoing projects, including increasing the capacity of its oil pipeline.

According to NOIC CEO Wilfred Matukeni, the pipeline from Feruka will increase its capacity from 2 billion litres per year to 3 billion litres by September, with a second phase boosting capacity to 5 billion litres.

NOIC generates revenue by charging importers for using its pipeline and storage facilities.

In November 2023, President Emmerson Mnangagwa commissioned a six million litre ethanol storage and handling facility at NOIC in Mabvuku, Harare. The facility includes two storage units, each with a capacity of three million litres. NOIC is also building 2,000-metric-tonne LPG storage facilities.