Eswatini is moving ahead with plans to establish a strategic petroleum reserve that can hold fuel for up to two months, as global energy markets face heightened uncertainty driven by tensions in the Middle East.
During talks in Baku with Azerbaijani President Ilham Aliyev ahead of the UN World Urban Forum, King Mswati III highlighted that rising geopolitical instability has revealed weaknesses in international supply chains, especially in fuel, fertiliser, and other petroleum-based commodities.
The monarch stated that work is underway to develop a national Strategic Oil Reserve with capacity to secure around eight weeks of fuel supply, noting that the country is also exploring partnerships to support both supply and infrastructure development.
He extended an invitation to Azerbaijan’s state-owned energy firm SOCAR, along with mining companies, to participate in the project and contribute investment. He further suggested that Eswatini could eventually expand the initiative by adding an oil refinery in the future.
According to reports from APANews, King Mswati III added that the country’s long-term vision could extend beyond storage to include refining capabilities.
Surrounded by South Africa and Mozambique, the landlocked kingdom is seeking to position itself as a regional hub for fuel distribution, the king indicated.
President Aliyev expressed support for the proposal and instructed Azerbaijani officials to assess possible investment avenues, pointing to continued instability in global supply chains caused by geopolitical tensions.
Across the continent, the planned reserve aligns with wider efforts by African nations to strengthen energy resilience and reduce reliance on volatile international oil markets.