At the inaugural Invest Zambia International Conference, which opened today, the Industrial Development Corporation (IDC) has signed two landmark memoranda of understanding (MoUs) worth over US $2 billion with two leading Chinese corporations, securing major investments in Zambia’s energy and agricultural sectors.
The two signings were witnessed by President Hakainde Hichilema and Chinese Ambassador to Zambia H.E. Han Jing.
The first MoU was signed between IDC CEO, Mr. Cornwell Muleya, and Mr. Huang Tieming, President and Chairperson of Fujian Xiang Xin Corporation (FJXX). This agreement paves the way for the development of a state-of-the-art crude oil refinery and integrated energy complex in Ndola, with a total investment of US $1.1 billion.
The planned facility will have the capacity to process three million metric tonnes of crude oil per year—equivalent to approximately 60,000 barrels per day—sufficient to meet Zambia’s entire current fuel demand and creating potential for exports to neighbouring countries. Groundbreaking for the project is targeted for the third quarter of 2025, with the first phase of commercial operations anticipated to commence in 2026.
During its construction phase, the project is expected to generate about 2,200 jobs across civil works, mechanical and electrical installations, and logistics. Once operational, it will sustain around 600 direct jobs and more than 2,000 indirect jobs in plant operations, supply chain services, maintenance, and support roles.
Beyond fuel production, the refinery will also include facilities for LPG bottling, bitumen production, lubricant blending, and a 130MW generation plant, which will contribute 100 MW of electricity to the national grid. The project is further expected to stimulate investments in new storage infrastructure, rail upgrades, and provide feedstock for industries such as plastics, fertilizers, synthetic materials, and asphalt manufacturing.
The second MoU was signed by Mr. Muleya with PowerChina for the development of the Cassava Circular Agro-Industrial Hub in the Luena Farm Block. This project aims to support broad-based industrial and agricultural activities, focusing on the production of ethanol, methanol, and pyrimidine—critical components in manufacturing agrochemicals, insecticides, and related chemicals. It will involve extensive cassava cultivation and will provide support to small-scale farmers to boost productivity and integrate them into higher-value supply chains.
The Cassava Circular Agro-Industrial Hub is projected to create approximately 1,100 industrial jobs and around 20,000 agricultural jobs, significantly contributing to employment and economic diversification in Zambia.
