Browsing: oil and gas in Uganda

Both nations have the right to attain energy supremacy as it has been a long-time ambition. Despite that goal, environmental and climate-related concerns must be addressed if they are present. 

The EACOP is one starting point that can catapult the region towards economic mastery and energy sufficiency. Tanzania, which is also banking on natural gas exploration and production, could learn a lot from EACOP complications now. 

Despite the challenges, EACOP’s potential has managed to draw the attention of other financiers, and things are turning out well. The project has attracted US$300 million from alternative lenders as its proponents rush to save the project from pressure groups citing environmental concerns, according to a report by The Citizen. …

Uganda National Oil Company (UNOC) to invest $840 million in joint infrastructure projects in the oil and gas sector in Uganda, said Proscovia Nabbanja, the Chief Executive Officer.

Nabbanja signed a memorandum of understanding with Stanbic Bank to facilitate the two entities collaborating to train local entrepreneurs ahead of oil developments.

She said a significant amount of money either through loans or the national budget will go towards investments in the refinery, pipeline, bulk trading, storage tank as well as the industrial park.

“We hope that this level of equity will be spread in a period of five years in our national budgets to ease pressure on the country’s debt burden,” she said. “The investment will be based on the medium-term expenditure framework.”

Also Read: Uganda projected growth too ambitious, World Bank

Out of the planned $4 billion in the oil refinery and $3.5 billion investment in the pipeline, UNOC …