Minister of Energy Ms Irene Muloni has said oil production in the Albertine Region, is expected to commence by December 2020. The oil companies are currently carrying a Front End Engineering Design (FEED) study for the construction of the 1,440kms pipeline.
“The Pipeline Project Team has been working on the project implementation process on a regular basis, to ensure fast-tracking of the project implementation process, with a view to commissioning the pipeline by December 2020,”said Minister Muloni at the recent signing of the Inter-Governmental Agreement for the East African Crude Oil Pipeline Project, between Uganda and Tanzania.
On the other hand, the credit rating of Uganda was kept at “B/B” with a stable outlook. Notably, on Uganda’s debt, S&P said once the Karuma Dam and Isimba
Dam are completed, there will be a reduced requirement for borrowing.
“Once these projects are completed, the government’s borrowing requirements will reduce and, in our opinion, the increasing availability and efficiency of power generation will spur stronger medium-term GDP growth,” it reads in part. By ABCafrica reporter