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.
“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.