The Uganda Head of state President Yoweri Kaguta Museveni is set to fly to Tanzania to conclude the oil pipeline deal.
The meeting between the two heads of state is meant to be held in Tanzania’s capital Dar es Salaam tomorrow in which they will finalize the yet to be constructed East African crude oil pipeline.
Before, President Samia Suluhu of Tanzania came to Uganda in relation to the same business deal in question.
During her visit, Tanzania requested a thirty-day period during which they would finalize the number of shares it will own in the yet-to-be-constructed East African crude oil pipeline.
Yesterday so happens to have marked the end of the thirty days period and is the reason as to why President Museveni shall be traveling to Tanzania so as to finalize the crude oil pipeline deal.
This comes after the 30 days that Tanzania requested for, before it declares how much shareholding it will take in the East African crude oil pipeline elapsed yesterday.
Aside from Uganda and Tanzania, the deal includes companies dealing in oil and gas which include Total E&P as well as Chinese company CNOOC as the shippers of the crude oil. In April, they signed the Tariff and Transportation Agreement.
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Uganda and Tanzania as well as the oil firms also signed the Host Government Agreement while they signed the Shareholding agreement with East African Oil Pipeline (EACOP) which include Uganda’s UNOC Uganda National Oil Company and Tanzania’s TPDC, Tanzania Petroleum Development Corporation.
Total E&P of France owned the greatest share of 72% while Uganda owaned 15%, CNOC 8% and Tanzania 5% of the pipeline.
This pipeline is expected to run from the Albertine region is Western Uganda to Tanzanian sea port.