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UGANDA WOOS STRATEGIC EUROPEAN INVESTORS FOR THE OIL INDUSTRY

Tuesday, 2nd May 2017
H.E Amb. Marcel Tibaleka, Dr. Josephine Wapakhabulo, Chief Executive Officer, Uganda National Oil Company, and other participants in Germany.
Dr. Josephine Wapakhabulo, Chief Executive Officer, Uganda National Oil Company (UNOC), has told participants of the 11thGerman African Energy Forum that Uganda is looking for strategic partners in the oil industry and that there is room for German companies.

The Forum, that took place at Hotel Sofitel in Hamburg from 25th to 26th April 2017, was organised by the German-African Business Association (Afrika-Verein der deutschenWirtschafte.V.) in conjunction with the Federal Ministry for Economic Affairs and Energy.

The Forum, which is the main platform for the Euro-African energy business, had a special focus on energy in Africa and addressed a number of topics that included Energy for industry (mining, automotive, manufacturing), Energy resources and local value creation, Innovations and Electricity, off-grid and on-grid solutions.

Dr. Wapakabulo, who was accompanied by Uganda’s Ambassador to Germany, Marcel Tibaleka, said that there was hope that Uganda can have more diversity in the oil industry. “Plans are underway to develop a 60,000 barrel per day refinery that will serve Uganda and its immediate neighbours. The refinery is being developed on a private-public partnership basis (60% – 40%). Uganda has huge deposits of gas and some 6.5 billion barrels of oil, of which 1.4 billion is recoverable.

Uganda is currently embarking on the development phase of the fields from which international oil companies-Tullow Oil (UK), Total Oil (France) and China National Offshore Oil Corporation (CNOOC) -are expected to start producing oil by 2020”, she said.

Hon. Uwe Beckmeyer, State Secretary Federal Ministry for Economic Affairs and Energy, while officially opening Forum, promised that Germany will continue contributing to the development of Africa’s main growth sectors like agricultural business development, raw material value addition, service industry and manufacturing. He said Germany was ready to foster closer cooperation with Africa through partnerships and dialogue.

He cautioned that Africa’s fast growing population would lead to an increased demand for energy and also noted that Africa is able to cover its own energy needs and even share with others.

Participants at the two-day Forum were able to network with decision-makers in business and government from Africa and Germany, exchange ideas with German scientists, politicians and entrepreneurs from the energy sector, and get to know the latest information about current projects and opportunities for markets for renewable and conventional energy on the African continent.

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