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New fuel importing firm invests $15 million

A new fuel importing firm Mount Meru has planned to invest $15 million (K8 billion) within the next four years to compete favourably with the already established companies in the petroleum industry.

The firm’s managing director, Bhagat Tarak, said since the company started its operations in the country mid this year, it has received support from both government and the private sector.

Mount Meru plans to open 30 filling stations in four years
Mount Meru plans to open 30 filling stations in four years

“We started our operations this year after getting a go ahead from Mera [Malawi Energy Regulatory Authority] in April. By May, we started importing fuel from Tanzania and Mozambique and, currently, we have filling stations at Nkhamenya and Lumbadzi.

“Our plan is to expand our services and open filling stations throughout the country and that by the end of four years, we should have over 30 filling stations,” he said.

Bagat, whose company is headquartered in Tanzania, also operates in Zambia, Rwanda, Kenya and Uganda.

Explaining the presence of their company in Africa, he said they have 20 filling stations in Tanzania, 25 in Zambia and four in Rwanda.

Apart from this, they also have five cooking oil manufacturing plants, cotton ginnery and one rice mill in Tanzania.

The company also plans to establish a cooking oil manufacturing plant in Malawi and Rwanda.

“We have already acquired 42 hectares land to set up a cooking oil factory along the M1 road near Dowa turn-off and some of the machinery is already here. Within a year, we will be operational and we will cater for both for local and export market,” said Bagat.

He said groundnut and soya farmers in the Central Region will have an alternative market for their crop and the company is ready to offer competitive prices.

According to Bagat, the company is expected to recruit over 200 people at the peak of its operations.

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4 Comments

  1. They are not supposed to tell malawians what they own in other counties rather telling malawians what problems theycan solve.. secondery having checking unto countries they are doing business we can caution them ….we cant trust them

    we dont need altenative market on our products while our gorv is there …..even though there is free trade ……. malawians lets learn to support malawian business …

    1. I beg to differ Dziko.
      Consumer sovereignity compels buyers to buy where the get the highest satisfaction. Whether the supplier of the commodity is Malawian or non-Malawian, thats besides the point. Compete and give us quality services, the buyer will choose where and what to buy. No consumer exploitation!

    2. Total is from France, Puma from Switzerland, Petroda from Sudan, Mobil was from another European country. So why shouldnt we welcome this company? A private company come to do business not solve problems, what problems?? Kodi mesa timafuna foreign direct investment? Nanga company yalakwa chani imeneyi? Koma aMalawi tilibe pabwino.

  2. Good development but policy makers should ensure such investment is done jointly with locals. Monitoring mechanism should also be in place to ensure that they comply with monetary regulations as set up the RBM. MRA should also not be flexible when it comes to these foreign owned companies as most of them underpay or not comply with the Tax man.

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