NACALA REFINERY IS ON

MORE solid news from Mocambique. The Mocambique Government and Ayr Logistics have sealed a US$5-billion deal to build a 300 000 barrels a day oil refinery in Nacala. The refinery will be 70-percent owned by Ayr Logistics. Some 450 Mocambicans will work at the refinery. They are going to need some foreigners to help build it and train the locals to run it, though. But, hell, this seems to be a no bullshit project. Direct foreign investment by a firm you have heard about and one that has a track record -- not a bunch of wannabees. Hooray.