Kampala (1st March, 2021) – Speaking at the Final Investment Decision (FID) Appreciation Awards hosted by the Uganda Investment Authority (UIA), Total EP Manager Mr. Phillipe Groueix said, “As a strategic goal, it is critical that we assure the preservation of Uganda’s environment and biodiversity, as we actualize the Lake Albert Development project.”
This approach is in line with the government of Uganda’s position on environmental preservation and conservation, and the environmental impact of any investment project is considered when investment licenses are being issued by the UIA.
The partners, Uganda National Oil Company, Total Energies EP Uganda, CNOOC Uganda Limited, and the Tanzania Petroleum Development Corporation, also pledged to deliver first oil within budget in the first half of 2025 and to ensure that the investment positively impacts the economy.
Speaking at the same event, Hon. Evelyn Anite, Minister of State, Privatization and Investment, said: “The $10 billion investment sends a message to the rest of the world that Uganda is a secure, stable, and successful economy. It’s also one of the investments that, we believe, will attract even more foreign direct investment as auxiliary services and investment throughout the value chain are attracted, propelling the country forward on its post-pandemic recovery path.”
Morrison Rwakakamba, Chairman of the Board, Uganda Investment Authority said: “We believe that the oil and gas sector will benefit local small and medium businesses as well as other domestic investors, in addition to international oil companies (IOCs), global service providers, and other experienced international oil industry actors. Our job is to ensure that the synergies that are required are in place to ensure that both the investors and the citizens of Uganda’s expectations are met.”
Robert Mukiza, Director-General of the Uganda Investment Authority, said: “This year, we’re concentrating on promoting domestic investors and one of the ways we are doing this is establishing backward and forward linkages between our domestic investors and partners in international markets. We believe that, by doing so, we will see growth in both domestic investments and foreign direct investments.”
The journey to the final investment decision has been long and the combined efforts of both the public and private sectors will result in the delivery of the first oil on time and within budget.
END.
About UIA
We were established in 1991 as Uganda’s primary Investment Promotion Agency (IPA) responsible for coordinating, encouraging, promoting, and facilitating investment in Uganda and advising Government on investment policy and related matters.
Our vision is a globally competitive Uganda profitable for business, investment, and brimming with cutting-edge innovations.
For further information contact on this announcement contact the UIA’s David Rupiny drupinyi@ugandainvest.go.ug and +256 785 291 625
