After following up on the Standard Gauge Railway (SGR) project, East African state is avidly determined to get back to other projects. The oil and petroleum industry is indeed in need of attention and Uganda will be hoping to deliver much on the multibillion project that arguably stands to birth many optimistic opportunities to the African land.
As Uganda prepares to start oil production by 2020, the Standard Bank Group Ltd.’s Ugandan unit plans to raise $3 billion for a 1,445-kilometer (898-mile) crude pipeline by the second half of next year.
The pipeline will connect Uganda’s Hoima oilfields in the west to the port of Tanga in neighboring Tanzania. Ugandan President Yoweri Museveni and his Tanzanian counterpart John Magufuli commissioned the construction of the $3.5 billion pipeline earlier this month.
France’s Total SA, China’s Cnooc Ltd. and London-based Tullow Oil Plc are jointly developing the country’s oil finds.
Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for pipeline.
“A lot of activities are going on, a lot of tenders are being made and expectations are that the final investment decision for the project will be made in the first quarter of next year, Patrick Mweheire, the chief executive officer of the Kampala, Uganda-based business.