Two African countries, Uganda and Tanzania, have agreed to collaborate on the crude oil pipeline project in East Africa.
In a speech, the private sector foundation of Uganda says that the countries should expect an increase greater than 60 percent in direct foreign investment.
He furthers his statement by saying that they will experience this change, just in the project’s construction stage.
During the launching of Tanzania and Uganda’s oil and gas pipeline in Dar-es-Salaam, the PSFU chairman ears his views.
The PSFU chairman Dr. Elly says that the partnership between the two countries will increase the participation of private ownership in the sectors.
Elly says that the collaboration is a pledge that anticipates investment in the oil and gas projects.
Still, in the chairman’s view, he says the investment will get a total of $20b with the pipeline alone, ranking at more than $3.5b.
Chairman Elly concluded his speech by saying that communication is needed between the countries to bring local companies to meet up, and at the same time, participate in the oil and gas sector.
Ms. Betty Namubiru, the person in charge of the petroleum authority in Uganda, also shares her launch opinion.
She says that the number one stage the company needs to undergo is to get development from surveying the evolution.
In Ms. Betty’s view, she said that the next thing to consider is the phased building of the crude oil refinery.
Type of the Crude Oil Pipeline Project in East Africa
East African Crude Oil Pipeline (EACOP), otherwise called Uganda–Tanzania Crude Oil Pipeline, completed a gas pipeline project type in 2020 that spans over 1,445km.
Aim of the EACOP Crude Oil Project
The primary aim of the crude oil pipeline project is to supply barrels of crude oil, measuring up to 216,000 per day to Tanzania’s export terminal in Tanga by connecting the oil fields around Lake Albert in Uganda.