Uganda oil sector - Uganda Multimedia News & Information https://www.weinformers.com Politics, Health, Sceince, Business, Agriculture, Culture, Tourism, Women, Men, Oil, Sports Mon, 01 Oct 2018 08:04:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.2 Uganda may incur extra costs for In oil refinery construction https://www.weinformers.com/2018/10/01/uganda-may-incur-extra-costs-for-in-oil-refinery-construction/ https://www.weinformers.com/2018/10/01/uganda-may-incur-extra-costs-for-in-oil-refinery-construction/#respond Mon, 01 Oct 2018 08:02:25 +0000 http://www.weinformers.com/?p=53562 The Uganda oil sector is likely to spend quite more money than the anticipated $4 billion for the construction of the Hoima-based oil refinery following the failure of the East African Community to buy the whole part of the share it was allocated. Although Total SA has taken up a total share of  10 per cent […]

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How the Uganda Oil refinery is expected to look like after construction

The Uganda oil sector is likely to spend quite more money than the anticipated $4 billion for the construction of the Hoima-based oil refinery following the failure of the East African Community to buy the whole part of the share it was allocated.

Although Total SA has taken up a total share of  10 per cent stake, Uganda has been forced to take up an additional 11.5 per cent mounting its shares to 19.5 per cent.

A share of 40% had been given to Uganda, Kenya, Tanzania, Rwanda and Burundi which is 8% each with the remaining 60% share reserved for private investors.

However, only Tanzania took up its full share of eight per cent ; Kenya took up 2.5 per cent while Rwanda and Burundi had not expressed interest in the facility by the expiry of the period set aside for the partner states to take up the shareholding.( The East African)

According to Irene Muloni,  Uganda’s Energy Minister, Uganda had to take up the shares that were not claimed.

“Total is taking 10 per cent, Tanzania eight per cent and Kenya 2.5 per cent. Uganda will take the remaining 19.5 per cent shares if no other country expresses interest,” she said.

Uganda is constructing a 60,000 barrels- a -day oil refinery in Hoima district which was contracted to a consortium led by American multinational General Electric.

The refinery is expected to commence oil production in 2020.

Over 70% of the  project will bet funded through debt and share holders to take-up the remaining 30% share.

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]]> https://www.weinformers.com/2018/10/01/uganda-may-incur-extra-costs-for-in-oil-refinery-construction/feed/ 0 Experts’ advice Uganda not to ignore other sectors of the economy in favour of oil https://www.weinformers.com/2010/07/01/experts-advice-uganda-not-to-ignore-other-sectors-of-the-economy-in-favour-of-oil/ https://www.weinformers.com/2010/07/01/experts-advice-uganda-not-to-ignore-other-sectors-of-the-economy-in-favour-of-oil/#respond Thu, 01 Jul 2010 10:01:45 +0000 http://www.weinformers.net/?p=4396 The government of Uganda has been advised by the International Monetary Fund’s (IMF) to desist from ignoring other sectors of the economy in favor of the oil sector to enable proper growth and development of the economy. Uganda recently discovered oil in the western Uganda Abertaine region worth billions of barrels. Commercial exploitation is expected […]

The post Experts’ advice Uganda not to ignore other sectors of the economy in favour of oil first appeared on Uganda Multimedia News & Information.

]]> The government of Uganda has been advised by the International Monetary Fund’s (IMF) to desist from ignoring other sectors of the economy in favor of the oil sector to enable proper growth and development of the economy.

Uganda recently discovered oil in the western Uganda Abertaine region worth billions of barrels. Commercial exploitation is expected to start in early 2011.

Thomas Richardson

Thomas Richardson

However, analysts are still skeptical on whether Uganda oil wealth will contribute to the growth and development of the country because of rampant corruption by the Uganda government circles.

While addressing Uganda Members of Parliament who sit on the parliamentary committee on National Economy on Wednesday (30th June 2010), the International Monetary Fund’s (IMF) Senior Resident Representative, Thomas Richardson expressed worry over the growing trend by oil rich countries to neglect other sectors of the economy like agriculture, yet they contribute significantly to a country’s Gross Domestic Product.

Richardson says that if the oil revenues are to help the country develop, they should be used to fund other sectors of the economy like agriculture.

Agriculture remains Uganda’s biggest sector of the economy employing over 80 percent of the population. Oil is likely to overtake agriculture when commercial production starts.

Also see stories related to oil exploration in Uganda

Walakira Nyanzi, Ultimate Media

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