Matrix Petroleum Announces Plans to Enter Namibian and South African Markets

Logistics and transportation of Container Cargo ship and Cargo plane with working crane bridge in shipyard at sunrise, logistic import export and transport industry background

UK-based oil firm Matrix Petroleum has announced plans to enter the Namibian and South African markets. With significant interests in renewable energy and logistics, the announcement signifies the firm’s commitment to scaling up its regional ambitions through cooperation with the Africa Continental Free Trade Agreement (AfCFTA), a $3.2 trillion bloc that includes 54 out of 55 African countries.

Matrix Petroleum CEO Chiwanga, explained that the firm would operate from Namibia. “The creation of AfCFTA is a good start to improving this. Estimations are that this will bring the African market of over one billion people together and smoothen free movement of goods and services.” He said, adding, “Namibia is our first port of call in the next two years. Perhaps what has dragged intra-Africa trade is the fact that we are all resource-centered and we produce more or less the same commodities, hence we need to look at value addition,”

He added that, “In terms of oil and gas, we need to look at the potential to refine the crude oil so it can be consumed by those that do not produce. For example, in SADC, you have a scenario where most countries could just buy oil from Angola, but the failure to value-add has left this market acquiring further afield in other regions, mostly the Gulf region.”

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Source: EnergyCapitalPower

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