President Museveni has described as a triple victory, the signing of the East African Oil Pipeline deal by Uganda, Tanzania and the oil companies.
The Tariff and Transportation Agreement (TTA), Host Government Agreement (HGA) and Shareholding Agreement (SHA) were on Sunday afternoon signed by the Uganda National Oil Company (UNOC)on behalf of the Ugandan government, the Tanzania Petroleum Development Corporation (TPDC), Total E&P, and CNOOC at a ceremony held at State House in Entebbe.
Speaking shortly after the signing ceremony, Museveni said initially he didn’t favour the idea of pipeline and advocated for an oil refinery to be set up in Uganda but noted this later changed.
According to Museveni, the oil companies wanted all the crude oil to be exported, adding that it was at this point that it was agreed let Uganda have both the pipeline and the refinery.
Museveni explained that whereas the pipeline will transport Uganda’s crude oil to Tanzania, other East African countries can still use it for the same purpose of transporting their crude oil.
According to the president, there is still chance for more oil and gas to be found in the remaining oil province in the Albertine region and in the North East part of the country and this can still go through the pipeline.
Tanzanian President, Samia Suluhu Hassan said signing the agreements is an auspicious occasion not for only Tanzania and Uganda but also East Africa at large.
