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Insurance companies form body to cover risks in Uganda oil and gas sector

Agnes Tumuheire — Tue, 25 Sep 2018 09:50:20 +0000

The coordinator of Oil and Gas Uganda Insures Association, Ms Margie Lokowe, in an interview with Daily Monitor, said Uganda insurance companies have already formed a consortium in preparations of providing insurance services to players in Uganda’s oil and gas industry.

The group comprises of 14 insurance companies with members contribution reaching $2 million.

Ms Lokowe added that two more insurance companies will be joining the consortium, which will bring its membership to 16 companies ready to provide insurance services to oil companies operating in Uganda.

“We have been engaging international oil companies to provide insurance services to them. Some of the areas which we are going to provide insurance services is the East African Crude Oil Pipeline internally under the guideline of local content policy before the oil or gas can get reinsured outside Uganda,

“We are gradually increasing capacity to bring in more members and write bigger risks in the Oil and gas industry in Uganda.”

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Museveni to hold trade talks with Tanzanian president,John Pombe Magufuli

Agnes Tumuheire — Thu, 09 Aug 2018 10:33:11 +0000

The president of Uganda, Yoweri Kaguta Museveni has visited his counterpart in Tanzania, John Pombe Magufuli to straighten trade relations between the two countries.

President Museveni was , today, welcomed by Magufuli himself at the Julius Nyerere International Airport from where they headed to State House Dar es Salaam for talks.

Last week, Tanzania announced it would impose a 25% import duty on Ugandan sugar exports, in spite of recent efforts to improve bilateral and trade ties.

The two leaders are expected to discuss various issues affecting trade relations between the countries and the region. They are also expected to discuss the second Joint Permanent Commission (JPC) that will be held in Kampala.

The JPC is expected to review the implementation of decisions agreed upon in various sectors including the East African Crude Oil Pipeline and proposed gas pipeline from Tanzania to Uganda.

According to state minister for foreign affairs, Henry Okello Oryem Tanzania’s new tarrifs on Ugandan sugar were out of tune with what the East African leaders agreed on during the last northern corridor summit held in Kigali, Rwanda in June.

“We agreed that tariffs and charges on consumer products should be discussed by members of parliament. For Tanzania to increase it unfairly goes against the spirit of what was agreed,” Oryem said.

Tanzania is one of Uganda’s largest trading partners with trade volumes (imports) from Tanzania in excess sh700b by the end of 2017.

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