Local businesses are yet to provide supplies to the oil and gas sector as the country prepares to start production in 2020. Patrick Kabahanga Mbonye, the Managing Director Q-Sourcing Limited, says many of the manufacturers need to adjust or fine-tune their production lines to suit required standards or lose out on the new opportunities.
A number of commercial banks have announced reductions in lending rates following Bank of Ugandas recent cut in its benchmark lending rate. Banks that have announced reductions in lending rates are Housing Finance Bank, United Bank of Africa, Diamond Trust Bank, Standard Chartered Bank, GT Bank, Tropical Bank, and ABC Capital Bank.
Uganda Radio Network has learnt that ten engineering firms submitted bids for the Kingfisher Front-End Engineering Design FEED. The selection of the winning bidders was reportedly handled by Ugandas parent company China National Offshore Oil Corporation CNOOC.