Newslex Point News in Uganda, Uganda news
“We are working towards all efforts between the upstream and the EACOP. We are working towards the 2025 target, we are on track,” Nabanjja said at the launch of the 90 Days of Oil and Gas Media Campaign by the Uganda Chamber of Mines and Petroleum.
She further said that the drilling has already begun. She said oil will be transported through the $3.5 billion East African Crude Oil Pipeline (EACOP) to the port of Tanga in Tanzania for export.
Apparently, the EACOP has capabilities of sending up to 246,000 barrels of crude per day to world markets by 2025.
Nabbanja said that as UNOC, they have a diverse portfolio of projects stretching from upstream, midstream, and downstream.
“I just wanted to reassure you all that the sector has progressed. There has been fatigue before, but it’s now in action mode. And we encourage all Ugandans to take part. It’s not only about the direct benefits, their indirect and induced benefits, the sector is bringing $15 billion to 20 billion US dollars. We are likely to get anywhere above 50 billion within the lifetime of the projects. And that’s only assuming that the price of a barrel will be seated at about $50. you can see how much impact this industry is going to have on our economy,” Nabanjja said.
The Chief Executive Officer of Uganda Insurance Association, Jonan Kisaakye said they have benefited since the Final Investment Decision’s announcement.
“We have been able to issue three policies for the Tilenga project amounting to about $15.2 million, equal to about $2.7 million per loan, and for CNOCC, we are in the range of about $5.9 million in premiums,” he said.
Check also;
This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
