King unveils E7 billion Strategic Oil Reserve facility model


In a momentous event at Lozitha Palace, His Majesty King Mswati III has officially unveiled the model of Eswatini’s forthcoming Strategic Oil Reserve Facility, signalling a bold leap in the Kingdom’s pursuit of energy security and infrastructural advancement. 

The unveiling took place on Tuesday evening, marking a pivotal milestone for what is projected to become the country’s most expensive infrastructure project to date.

The facility, to be constructed in Phuzumoya, will boast world-class standards and cutting-edge technological sophistication. The Eswatini National Petroleum Company (ENPC) will spearhead the construction, in partnership with seasoned engineering experts from Taiwan.


According to a report by the Times of Eswatini last year, a leading Taiwanese engineering firm has already presented the proposed construction costs, estimated at a staggering US$380 million, or approximately E7 billion at current exchange rates. This places the Strategic Oil Reserve Facility well above previous mega-projects in terms of expenditure.

To put this into perspective, the International Convention Centre and Five-Star Hotel (ICC&FISH) project began with an initial budget of E370 million, while the King Mswati III International Airport has cost the nation around E4.5 billion so far — a figure that excludes ancillary expenditures such as the construction of access roads and the payment of licensing fees.

The new oil reserve facility is anticipated to transform Eswatini’s capacity to manage energy resources, providing critical storage and resilience in times of regional or global supply disruptions. With the global energy landscape becoming increasingly volatile, the project is expected to fortify the Kingdom’s sovereignty in energy management and strategic reserves.

Experts note that the partnership with Taiwanese engineers signifies a deepening of Eswatini’s international technical collaborations, reflecting the government’s drive to attract high-level expertise to national infrastructure projects. The inclusion of state-of-the-art technology will further ensure that the facility meets modern environmental and operational standards.

Construction timelines and further implementation details are expected to be released in due course. 

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