- Private sector oil and gas symposium in Daresalam
- The East African Crude Oil Pipeline (EACOP
In a bid to further familiarize the citizens of Uganda and Tanzania about 3.5 billion dollar East African Crude Oil pipeline project, the first ever private sector led Oil and Gas symposium organised by the Private Sector Foundation Uganda together with Tanzania Private Sector Foundation has been organized for the 25th of November in Dareslam, Tanzania under the theme Enhancing Private Sector Participation in the Oil & Gas Sector.
Speaking at the launch Hon. Elly Karuhanga, Chairman, Private Sector Foundation Uganda noted that the symposium has come at a right time adding that it will provide a platform for the private sector to network, understand industry opportunities and challenges, showcase their capacities through experience-sharing, identify key strategies that can enable partnerships and joint ventures between Uganda and Tanzania private sector and interact with public sector actors on legal and policy matters that govern the industry, in both Uganda and Tanzania.
This is a huge project because The East African Crude Oil Pipeline (EACOP), which runs from Lake Albert to the Tanzanian port of Tanga, will create over 5,000 jobs, and could create a further indirect 20,000 jobs for our people, he added.
Hon. Karuhanga further reiterates that the project which will cross through 10 districts in Uganda including Kabaale, Kyotera, Rakai, Kikuube, Mubende Kakumiro and Gomba among others is the umbilical code linking Uganda and Tanzania
Speaking at the same event, the Tanzania ambassador to Uganda Dr Aziz Ponary Mlima implored the Private sector in both countries to fully participate and benefit from the symposium as their respective counties have set a leveled ground for them to work in harmony.
He further reaffirms his country’s readiness in working with different stakeholders to make the EACOP project a reality to the citizens of both nations.
The Ugandan High Commissioner to Tanzania, Ambassador Richard Kabonero said the symposium will promote cooperation between the two countries to facilitate business within the oil & gas sector.
It is estimated that just the construction phase of EACOP, the 2 partner states of Uganda and Tanzania will see an increase of over 60% in Foreign Direct Investment, and that the investment in the oil and gas projects shall total up to US$20 billion, with the EACOP investment alone, at over US$ 3.5 billion.