NOIC
chief
executive
officer
(CEO)
Wilfred
Matukeni
told
a
Parliamentary
Portfolio
Committee
on
Public
Accounts
(PAC)
currently
on
a
fact-finding
mission
of
Mutapa
Investment
Fund
(MIF)
entities’
operations
the
oil
company
will
continue
to
meet
its
obligations
despite
the
war
in
Iran
that
has
led
to
the
closure
of
the
Strait
of
Hormuz.
“We
are
glad
to
inform
the
Committee
that
in
terms
of
the
obligations,
NOIC
is
able
to
meet
its
obligations
as
they
are
at.
So,
we
do
have
a
strong
balance.
“We
expect
a
strong
performance
to
continue
toward
the
year.
Despite
the
discussion
that
has
happened
in
the
United
States,
we
have
to
see
a
continuity.
“I
demand
for
the
movement
of
the
products,
and
our
customers
are
meeting
their
obligations.
So,
we
expect
a
strong
performance
again
for
2026,”
Matukeni
said.
The
NOIC
revealed
that
through
some
traders,
the
company
expected
adequate
stocks.
“Some
fuel
would
move
from
Europe,
Nigeria,
Nigeria
to
Thailand,
and
also
from
South
America.
It’s
possible
to
bring
the
fuel
here
until
that
it
is
dissolved.”
Soon
after
the
closure
of
the
Strait
of
Hormuz
in
the
Middle
East,
global
fuel
prices
shot
up.
The
situation
in
Zimbabwe
has
been
stable
over
the
past
weeks
though
the
prices
of
both
diesel
and
petrol
were
slightly
higher
than
those
in
the
region.
Matukeni
reported
that
to
improve
on
fuel
movement
and
storage,
NOIC
upgraded
the
pipeline
capacity
from
$2
billion
to
$3
billion
over
the
years
since
its
inception
in
2011.
“At
the
moment
we
are
in
the
process
of
upgrading,
expanding
the
capacity
from
$3
billion
to
$5
billion.
“We
expect
that
by
the
end
of
next
year
we
should
have
a
$5
billion
capacity,”
he
told
PAC.
“In
terms
of
the
storage
capacity,
we
put
a
total
of
$500
million.
We
have
put
adequate
storage
to
store
the
product.
“We
will
shoot
whatever
challenges
that
are
in
there
and
there
will
be
enough
solutions
to
find
other
alternatives
for
it
to
be
resolved
without
the
distraction
of
the
fuel
that
is
coming
in
the
company.”
According
to
him,
the
company
profits
increased
from
US$36.8
million
the
previous
year
to
US$45.
NOIC
will
hold
its
annual
general
meeting
AGM
expected
by
June
30,
2026.
Post
published
in:
Business