In a statement on Wednesday, Tullow announced that the Ministry of Energy and Uganda Revenue Authority approved the deal valued at USD 575 million (2.231 trillion Shillings)
Rubondo like other players insists that Final Investment Decision is simply an event adding that what is a key is for those planning to participate is to make adequate preparations as well as participate in ongoing works.
The Minister dispelled fears from sections of the public and players in the oil and gas industry that the pipeline project had stalled following the collapse of the Tullow-Total farm down deal.
The final investment decision (FID) was expected to open the tap for money to start flowing, paving the way for projects like the US$3.5bn East Africa Crude Oil Pipeline.
Construction of the 1400 km heated oil export pipeline from Hoima in western Uganda to Tanzania’s port of Tanga on Indian Ocean has stalled.
