Sunday, March 3News That Matters

Tag: President John Magufuli

Tanzania, Uganda To Resume Crude Oil Pipeline Talks

Tanzania, Uganda To Resume Crude Oil Pipeline Talks

FEATURED, NEWS
By Keefa Nuwahereza The future of Uganda’s oil sector is brightening up after President John Pombe Magufuli’s government agreed to resume talks of constructing   the crude oil pipeline from the Albertine Graben an oil refinery in Tanzania. This website has learnt that Negotiations for a Host Government Agreement (HGA) for the East African Crude Oil Pipe-line (EACOP) project will start soon. This follows completion of Total Oil's acquisition of 33.334 percent of Tullow Oil's stake, thus paving way for the French oil giant to own a 66.7 percent of upstream stake in the project. Also, this has given it legal ownership and the right to fast-track execution of the Crude Oil Pipeline project. The HGA is an agreement between a foreign investor and the local government which...