Invictus Energy has had its flagship Cabora Bassa Project officially granted National Project Status (NPS) by the Zimbabwe Finance Minister Hon. Prof Mthuli Ncube and following a series of constructive meetings, the parties have finalised terms of the Petroleum Production Sharing Agreement (PPSA), which is now being prepared for execution.
National Project Status is reserved for projects deemed of strategic importance to the country and
considered critical to Zimbabwe\u2019s economic growth and development. NPS status provides a range of
fiscal and non-fiscal incentives, including duty exemptions, fast-tracked permitting and streamlined
access to key infrastructure and services as the project moves towards the development phase.
Invictus Managing Director Scott Macmillan commented:
\u201cAgreement of the PPSA terms and the granting of National Project Status represent two pivotal
milestones for Invictus and the Cabora Bassa Project.
\u201cThe PPSA provides the stable and transparent framework required to progress development, while NPS
delivers tangible fiscal benefits to reduce costs and accelerate execution.<\/p>\n\n\n\n
\u201cThis recognition underscores the strategic importance of our discovery and the potential it holds to
transform Zimbabwe\u2019s energy landscape.
\u201cThese outcomes highlight the Government of Zimbabwe\u2019s strong commitment to unlocking the
country\u2019s energy potential. We are grateful for their support and look forward to executing the PPSA and
moving towards development of the Cabora Bassa Project.\u201d
The Honourable Minister Prof Mthuli Ncube commented:
\u201cThe Government of Zimbabwe recognises the economic, energy security and social opportunity Cabora
Bassa presents.
\u201cWe are pleased to be working closely with Invictus Energy through its recent strategic partnership with
Al Mansour Holdings and to finalise the PPSA to ensure a transparent, fair and commercially sound
agreement that benefits the people of our nation.
\u201cThe Government is committed to fostering a competitive and attractive investment environment, and
we are delighted to partner with Invictus Energy as this landmark project advances towards
development.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"