Eswatini is building a strategic oil reserve capable of storing up to two months of fuel supplies amid growing concerns over global energy disruptions linked to conflict in the Middle East.
Speaking during a meeting with Azerbaijan President Ilham Aliyev in Baku ahead of the UN World Urban Forum, King Mswati III said recent geopolitical tensions had exposed vulnerabilities in global supply chains, particularly for fuel, fertiliser and petroleum-based products.
“In Eswatini, we are currently building a Strategic Oil Reserve, which will be able to store fuel for about two months,” Mswati said, adding that the country was seeking partnerships for supply and infrastructure development.
The king invited Azerbaijan’s state-owned energy company, SOCAR, as well as mining firms, to invest in the project. He also floated the possibility of constructing an oil refinery in the longer term.
“We can even go beyond just the storage facility and build an oil refinery in the long term,” he said as reported by APANews.
