ugandan_diaspora_social_networking_event_2015_00

Uganda Plans Public-Private Partnership Oil Refinery – President

0
Posted January 2, 2011 by Ugandan Diaspora News Team in Business ~ 1,897 views

     


KAMPALA, Uganda (Dow Jones) | The Ugandan government is planning to develop an oil refinery on a public-private partnership basis when oil production commences in the next couple of years, the Ugandan president said late Saturday.

In a national address, President Yoweri Museveni said that the refinery would be developed in a phased manner starting an initial capacity of around 20,000 to 40,000 barrels a day in 2012 and eventually going up to at least 200,000 barrels by 2016.

“With the prospect of large oil revenues, Uganda will soon be free from external influence in the implementation of our investment program,” he said. “Government has moved to improve the regulatory environment of the [oil and gas] sector to ensure that it achieves maximum benefit from these resources.”

Oil exploration companies have discovered at least 800 million barrels of recoverable oil reserves in Uganda’s Lake Albert rift basin, along the border with mineral-rich but lawless Eastern Congo.
Museveni said the government will pass new legislation on access to oil and gas rights, regulating exploration and production, refining and gas processing and managing petroleum revenue.

At least 20,000 jobs are expected to be directly generated by the oil industry and another 100,000 jobs generated as a result of the multiplier effect, President Museveni added.

China’s CNOOC Ltd. (0883.HK, CEO) and French oil major Total SA (TOT) have already entered a joint operating deal with the U.K.’s Tullow Oil PLC (TLW.LN, TUWOY) for the development of Uganda’s oil assets in three blocks. The deal is pending government approval.

In a bid to ensure an investor-friendly environment to facilitate continued attraction of investments in exploration, a complete appraisal of the discovered oil and gas in at least 14 oil fields is being conducted. Uganda is also expected to open licensing rounds in 2011 for the areas with petroleum potential in the oil region.

By Nicholas Bariyo & contributing to Dow Jones Newswires; 256-75-2624615 bariyonic@yahoo.co.uk


About the Author

Ugandan Diaspora News Team

Ugandan Diaspora News Online is an independent, non political news portal primarily aimed at serving Ugandans who work and reside outside Uganda. Our aim is to be a one stop shop for everything Ugandan and the celebration of our Ugandan heritage.

0 Comments



Be the first to comment!


Leave a Response


(required)

ugandan_diaspora_social_networking_event_2015_00