According to CPI, the undertaking, the first of its kind in the northern region of Mozambique, is budgeted at 1.3 billion US dollars, and will create at least 400 new job posts.
Because of the large sums involved, this project must be approved by the Council of Ministers (Cabinet).
There was once a refinery in Maputo, but it ceased operating many years ago. Currently all Mozambique's liquid fuels are imported already refined.
If this project becomes a reality, the refinery will be able to supply fuel not only to all of northern Mozambique, but also to Malawi.
The CPI is also analysing a project to build of a second cement factory in Maputo, estimated to cost about 98 million US dollars.
This would compete directly with the existing cement factory in Matola, owned by the Portuguese group Cimpor. This factory has come under repeated criticism for the pollution that it causes, frequently belching clouds of cement dust into the Matola skies.
This year alone, CPI has received 32 investment proposals and the total value of those approved last year was over 845.5 million US dollars. In 2005, CPI approved 142 projects, and 157 in 2006, most of which were in the tourism sector.
The CPI notes that there has been an increase in terms of investment proposals, but many of these proposals are never implemented.
Indeed, the figures show that there has been a slow-down in carrying out proposed investments. This is variously blamed on the technical nature of some of the projects, the slow disbursement of funds, and red tape, of which investors have been complaining, when it comes to the licensing of projects.
SOURCE: AIM
