Mbabane: Taiwan’s Foreign Minister Lin Chia-lung and King Mswati III of Eswatini presided over an unveiling ceremony for a new oil reserve facility project aimed at bolstering the energy resilience of Eswatini. This initiative marks a significant step in strengthening the strategic partnership between the two nations.

According to Focus Taiwan, the ceremony for the Strategic Oil Reserve Facility project was a highlight of Minister Lin’s visit to Eswatini, which coincided with King Mswati III’s 57th birthday. Minister Lin attended the event as a special envoy representing President Lai Ching-te. In addition to the ceremony, Lin presented a letter from President Lai and gifted cows to King Mswati III and Queen Mother Ntombi Tfwala.

Taiwan’s embassy in Eswatini reported that the oil reserve facility is expected to be completed within three years. The project is designed to provide Eswatini with a 60-day fuel reserve, enhancing its energy security and protecting the nation from global oil price fluctuations. This development is anticipated to significantly bolster Eswatini’s capacity to manage energy resources independently.

The Overseas Investment and Development Corp, a Taiwanese entity specializing in international government aid projects, has partnered with the Eswatini government in this venture. They formalized their collaboration with a memorandum of understanding signed in September 2023. Eswatini currently imports all of its oil from South Africa, which exposes it to the instability of international crude oil prices, as noted on an Eswatini government website.