GABORONE, March 26 (Xinhua) -- Botswana Oil Limited announced on Tuesday that multinational oil companies will be banned from importing petroleum products into Botswana from April 1.
According to the new mandate, 90 percent of fuel imports required for Botswana shall be imported by Botswana Oil Limited, while 10 percent will remain imported by locally owned companies.
"This new mandate will trim the dominance and prevalence of multinationals in the sector, creating investment opportunities for local companies," said Baruti Regoeng, a principal engineer at the Department of Energy within the Ministry of Minerals and Energy, when addressing the media Tuesday.
The new development is also expected to ensure the security of supply, balance the interests of suppliers, retailers, and consumers, and encourage citizen participation to ensure a reliable countrywide supply of fuels, Regoeng said, insisting that the development will face many challenges.
"But we should not despair. We are stopping something and starting something to improve on it. The government is determined to strategically promote citizen-owned companies in the petroleum sector," he said.
Botswana Oil Limited is the national oil company incorporated in 2013 under the Companies Act (2008) and wholly owned by the government through the Ministry of Minerals and Energy.
