TAIPEI - After pledging to strengthen his country's "enduring friendship" with Taiwan and attending Taiwan's 115th National Day Celebrations, King Mswati went on to meet Emaswatini that are based in Taiwan. In his remarks the King said Eswatini had already begun implementing the oil reserve project but now needed a bigger buffer to protect the economy from fuel shortages and international market shocks.His Majesty said the Strategic Oil Reserve is designed to cushion the country against fuel shortages, external supply shocks and volatility in international petroleum markets.
The current project is expected to provide storage equivalent to about 60 days of national fuel supply, but the King said prevailing global conditions had made it necessary to increase that buffer to 90 days.
“We have already had projects that have begun, like the Strategic Oil Reserve, currently 60 days, and we want to increase it to 90 days storage,” His Majesty told the gathering. He said Taiwan had shown support for Eswatini’s position, particularly given the global situation and the disturbances affecting fuel supply chains. The Phuzumoya Strategic Oil Reserve is one of the country’s most significant energy security investments. The project is valued at about E5.2 billion, with the facility designed to store around 80 million litres of fuel and provide the country with a strategic stockpile for emergencies.
The reserve is being developed with support from Taiwan and is expected to strengthen resilience against fuel shortages, price shocks and disruptions caused by conflict, refinery breakdowns or transport bottlenecks. His Majesty said the importance of the reserve should be understood in practical economic terms.
“It will require many skilled emaSwati to oversee such projects,” he said, adding that students and professionals abroad had a duty to acquire knowledge that could be used to transform the kingdom. He said the country was looking for expertise that would help make strategic projects work efficiently and profitably.
His Majesty further observed that projects in the petroleum sector were sensitive and capital intensive, with large cash outflows and high expectations for proper returns. He said countries and partners approached for support or investment would need confidence that such projects were professionally managed and commercially sound. The King placed the discussion within a broader African development context, saying the continent had resolved under Agenda 2063 to move away from failure and build credible systems that deliver results.
He urged emaSwati in Taiwan to see themselves as part of that transformation, not only as students or workers abroad, but as future contributors to national and continental progress.
His Majesty said his visit included successful bilateral engagements with Taiwanese leaders and businesses, with discussions covering scholarships, industrial development, energy, employment opportunities and investment.
He said Taiwan’s development journey offered lessons for Eswatini, particularly in how a country with limited natural resources could use human capital, discipline and innovation to become globally competitive.