President Yoweri Museveni has held discussions with Chinese Oil Company (CNOOC) International officials who were led by the Company’s Executive Vice-President, Mr. Li Yong. The meeting took place at State House Entebbe.
During the meeting that took place today at State House, Entebbe, the President Museveni and his guests discussed the progress so far made with regard to the oil pipeline project that will run from the Albertine Region in Western Uganda where crude oil is scheduled to be produced and transport it to the Tanzanian Indian Ocean Port town Tanga.
The Chinese oil officials confirmed to the President that they are committed to investing in Uganda’s oil sector adding that the Chinese Oil Company supports the US$4 billion oil pipeline project.
President Museveni emphasized to the Chinese oil company officials that in all their endeavours, issues centring on technical knowledge, financial capacity and cost effective means of developing the project must be the basis. He said that the main aim is to do business.
Mr. Li Yong assured President Museveni that the Chinese Oil Company is ready to undertake the oil pipeline project. He disclosed that CNOOC is in the final phase of discussions with a French oil company, Total, which is operating in Uganda, on all the necessary modalities to ensure that the project moves ahead. He saluted the President and the NRM Government for the support and the general tranquil business atmosphere that exists in Uganda.
Later, President Museveni met Total officials led by the oil Company’s President for Africa, Mr. Guy Maurice. He discussed with them matters pertaining to the oil pipeline project in particular and the oil sector in the country in general.
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