Categories: Featured

Uganda, Tanzania sign a crude oil pipeline construction contract

Last updated on September 11th, 2021 at 08:24 am

East African countries Uganda and Tanzania signed the Host Government Agreement (HGA) for the building of the East Africa Crude Oil Pipeline (EACOP) project.

The signing of the settlement took area on Sunday in Chato in the northwest of Tanzania in a ceremony attended by means of Ugandan President Yoweri Museveni and his Tanzanian counterpart John Magufuli.

The pipeline will run from Uganda’s oilfields to the port of Tanga in Tanzania’s northeast. According to Tanzania’s government spokesman, Hassan Abassi, greater than three-quarters (80 percent) of the pipeline will run through Tanzania.

Though Uganda has now not but formally introduced a date for when the development will begin, it had before stated that the undertaking will take two-and-a-half to three years to complete.

Abassi stated that Tanzania will earn an estimated $3.24 billion and create more than 18,000 jobs over the next 25 years, or more, that the project will be in operation.

Museveni already oversaw the signing of the HGA for the EACOP project between the authorities and French oil and gas multinational company Total. 

The HGA is a felony agreement between a overseas investor and the nearby government referring to to the development, construction and operation of a challenge by using the investor.

Museveni the conclusion of that deal with Total “moves us nearer to manufacturing of crude oil in Uganda.”

(CGTN)

Albert Echetah

Recent Posts

At least 7 members of the Nigerian security forces are missing after insurgentsambushed their convoy

A team of 80 security agents tasked with protecting the electricity grid was ambushed onMonday in Shiroro, Niger State, by…

November 21, 2024

Cryptocurrency Gains Momentum inAfrica Amid Global Shifts in Trump’sElection

Cryptocurrency becomes the new thing in Africa. People shift for stable alternatives aftertheir unstable local currencies. Many people believe Donald…

November 21, 2024

UAE Delivers Lifeline: 30,000 Food BasketsBring Hope to Sudanese Refugees in Uganda

UAE has also distributed 30,000 food baskets to Sudanese refugees in Kiryandongo refugeecamp Uganda to benefit nearly 100,000 affected people.Aid…

November 21, 2024

Turkey wants to increase its trade with Africa to 50 billion dollars

The trade volume between Türkiye and 54 African countries has grown sevenfold, reaching $37 billion from 2003 to 2023, Yılmaz…

November 20, 2024

Tanzania, Botswana, and Mozambique Secure Spots in 2025 Africa Cup of Nations

The final round of the 2025 Africa Cup of Nations qualifying matches was held this week with Tanzania, Botswana and…

November 20, 2024

Lucas Moripe: The Masterpiece of SA Football Leaves a Legacy

'Masterpieces' Lucas Moripe passed away at his Atteridgeville home on Tuesday at his senior year of 71. His style of…

November 20, 2024

This website uses cookies.