Category: zimbabwe

Source: Coronavirus: SRC issues new guidelines for sport associations – NewsDay Zimbabwe

The Sport and Recreation Commission (SRC) has issued new guidelines for national sports associations (NSAs) that are seeking approval to travel to other countries for sporting activities, but the new regulations fall short of banning sport events as is happening across the world in light of the novel coronavirus pandemic.

By Staff Reporter

In a statement, the SRC ordered that all NSAs seeking clearance to travel outside the country on sport tours must provide health clearance certificates for all the members of the travelling delegation issued by a government physician.

The associations must also provide health certificates from the host country guaranteeing the health of the Zimbabwe delegation.

“Applications for clearances for visiting athletes for athletes or teams from other countries should be accompanied by health certificates from their countries of origin and sport federation,” a statement from the SRC read.

“Further details pertaining to the 21 day quarantine will need to be explained in detail.”

It said in the event that a tour is approved, the SRC will monitor the athletes on tour.

Officially, at least, Zimbabwe has not recorded any cases of the novel coronavirus, also known as COVID-19, but there is growing scepticism that the government is withholding vital information.

A number of countries, including neighbouring South Africa, have cancelled gatherings of more than 100 people and sporting events have also been banned.

The novel coronavirus has since been declared a pandemic.

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Source: LSZ sues over currency conversion | The Herald

Yeukai Karengezeka Court Correspondent
The Law Society of Zimbabwe (LSZ) has taken Finance and Economic Development Minister Professor Mthuli Ncube to court seeking an order declaring that Presidential Powers that allowed the conversion of US dollars into Zimbabwe dollar balances in February 2019, were unconstitutional.

The introduction of the multi-currency regime was regularised and given legal effect by way of Section 17 of the Finance (No.2) Act, 2009.

Consequently, the applicant including other citizens were allowed to open and operate United States dollar accounts for purposes of transacting in such currency and the society opened several bank accounts with several banks, the LSZ argued.

President Mnangagwa promulgated the Presidential Powers (Temporary Measures) (Amendment of the Reserve Bank of Zimbabwe Act and Issue of Real-Time Gross Settlement Dollars (RTGS Dollars) Regulations, 2019, which ended the multi-currency era.

LSZ cited Reserve Bank of Zimbabwe (RBZ) and its Governor, Dr John Mangudya, President Mnangagwa and the Attorney-General of Zimbabwe as respondents.

Through its executive secretary, Edwin Mapara, LSZ wants the actions of the respondents to compulsorily convert balances to be declared to have amounted to compulsory deprivation and expropriation of such US dollars without adequate compensation.”

The section says every person has the right in any part of Zimbabwe to acquire, hold, occupy, use, transfer, hypothecate, lease or dispose of all forms of property, either individually or in association with others and has right to transfer property.

The case is yet to be heard.

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Source: Govt pushes sharing deal with Invictus Energy – NewsDay Zimbabwe

INVICTUS Energy Limited (IEL) has revealed that government has set up a technical committee to undertake negotiations for a production sharing agreement (PSA) with the former over its oil and gas project in Zimbabwe.

BY BUSINESS REPORTER

IEL is working on the Cabora Bassa project that encompasses the Muzarabani Prospect, a multi-TCF (trillion cubic feet) and liquids rich conventional gas-condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa.

“The company has been informed by the Ministry for Mines and Mining Development that a technical committee has been set up by the government of Zimbabwe to undertake negotiations for a production-sharing agreement and held its first meeting last week,” IEL said in a statement yesterday.

“The technical committee is chaired by the secretary for Finance and Economic Development with the permanent secretaries for Mines and Mining Development and Energy and Power Development as members together with officials from the Reserve Bank of Zimbabwe (RBZ), Zimbabwe Investment and Development Agency (Zida), Office of the President and Cabinet (OPC), Office of the Attorney-General and Local Government and Public Works.”

IEL added that it had been invited to make a presentation to the technical committee before the end of March.

“The company and its attorneys have been working closely with the legal representatives from the Ministry of Mines and Mining Development and Ministry of Energy and Power Development on the PSA over the last several months,” reads part of the statement.

The execution of the PSA is expected to be concluded in the near term and will provide a stable and transparent legal and fiscal framework for the exploration and production of oil and gas in Zimbabwe.

Over the past few weeks, IEL made presentations and held meetings with numerous Zimbabwe government ministries and stakeholders over the PSA.

This includes the Minister of Mines and Mining Development (Winston Chitando), Minister of Energy and Power Development (Fortune Chasi), the Mining Affairs board and chiefs representing the Muzarabani and Mbire rural districts in the Cabora Bassa project area.

“The company and the government of Zimbabwe have made significant progress with the legal and fiscal framework consisting of amendments to the Petroleum Act and the execution of a production sharing agreement between Geo Associates (Private) Limited, the company’s 80% owned subsidiary together with One-Gas Resources (Private) Limited, and the Republic of Zimbabwe,” part of the IEL statement read.

In July 2019, findings by a United Kingdom-based firm showed a potential of 1,3 billion barrels of oil equivalent, which consists of 200 million barrels of condensate from the Cabora Bassa project.

Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present in raw natural gas. It is widely used to dilute heavy crude oil, bitumen, industrial raw materials or as a blending component in the production of gasoline.

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