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British Investors Tipped On Uganda's Oil & Gas Opportunities

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The delegation hosted jointly by Stanbic Bank, the Energy Industries Council EIC and the British High Commission is led by Lord Dolar Popat, the UK Prime Ministers Trade Envoy to Uganda and Rwanda. It is the first of its kind from the UK in the energy sector.
22 Nov 2017 07:25
(L-R) Dr. Ernest Rubondo, the Executive Director Uganda Petroleum Authority, Tullow GM, Jimmy Mugerwa, Phil Haymes, a UK Oil & Gas specialist, Patrick Mweheire the Chief Executive - Stanbic Bank and Elly Karuhanga, Chairman of the Uganda Chamber of Mines.

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A trade delegation from the UK is in Uganda to explore opportunities for possible investment in the oil and gas sector.

The delegation hosted jointly by Stanbic Bank, the Energy Industries Council (EIC) and the British High Commission is led by Lord Dolar Popat, the UK Prime Minister's Trade Envoy to Uganda and Rwanda. It is the first of its kind from the UK in the energy sector.

Stanbic Bank Chief Executive, Patrick Mweheire whose Bank has been leading in the Oil and gas financing efforts said the UK is a key trading partner for Uganda given the common history the countries share. He said British companies are well positioned to be valuable participants in the development of Uganda's hydrocarbon sector.

Mweheire said Stanbic bank firmly believes that the Oil and Gas sector is one of the catalysts that will proactively lead Uganda's economic transformation given the multiple sub-sectors it touches.

Mweheire said real transformation will only occur if local companies are given the opportunity to participate as active partners in its planning, execution and development.

He said Stanbic Uganda is already playing its part to make this possible and has hosted several local content awareness workshops, collaboration conferences and forums aimed at up-skilling local players and fostering partnerships.

The development stage of Uganda's oil and gas sector is projected to costs over USD 15 Billion as investments required for the full development.

Terry Willis, the Director of the Energy Industries Council said his organization is willing to work with Ugandan authorities and Industry players to ensure that the oil industry benefits Ugandans and those investing in it. 

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The sector is expected to peak in 2030 with 300,000 barrels being produced on a daily basis. Over 80 percent of the budget has been earmarked for the development of related infrastructure, an Oil refinery and a 1,445 km pipeline recently launched by the Presidents of Uganda and Tanzania.

Stanbic Bank Uganda and Japan's Sumitomi Mitsui were appointed as joint financial advisers for the oil pipeline which will connect Uganda's oilfields in the West of the country to the port of  Tanga in Tanzania. The bank plans to raise USD 3 billion for the project in the second half of 2018 as Uganda prepares to start oil production by 2020.

State Minister For Energy, Simon D'ujanga in a speech on behalf of Energy Minister, Irene Muloni welcomed Lord Popat paying he is a true son of the soil who has returned home to make a difference. He said Uganda needs investors who not only come looking to make a return but have the best interests of the country at heart.

Lord Popat was born in Uganda but left the country at a young age. He thanked the Minister and Government for the warm welcome.

Lord Popat said as the Prime Minister's Trade Envoy to Uganda, he was delighted to be leading the Energy Industries Council (EIC) delegation to Uganda. He said Britain's oil and gas industry has the tremendous expertise for Uganda's growing energy market.

He noted that the planned refinery, pipeline and field development project is a perfect place to engage in opportunities.

Lord Popat observed that it is important that oil and gas develop Ugandans and UK companies are here to support that. He said the UK will continue offering support in skills development for Ugandans in the industry.

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