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Zambia cancels 1.2 billion dollar deal with South African bank

Zambia has ended negotiations with South Africa's largest bank to finance a 1.2 billion dollar (762 million euro) oil import deal after disagreements, state radio reported Thursday. Zambia's energy ministry permanent secretary, Peter Mumba, told the state-run Zambia National Broadcasting Corporation that his government failed to reach a deal with South Africa's Standard Bank. The bank had been selected to finance crude oil imports from Kuwait. "The government is not happy with some of the conditions the bank had proposed," Mumba was quoted as saying by the radio. He declined to disclose what these conditions were….(read more)