Museveni signs oil pact in China


BEIJING. President Yoweri Museveni yesterday held a series of meetings with over 20 different groups of investors who called on him at his residence in Shangri-La Hotel in Beijing, China.

The President, who was accompanied by his wife Janet, was in Beijing to attend the 2018 Forum on China-Africa Cooperation that was concluded yesterday with the adoption of the Beijing Declaration.

At the same meetings, President Museveni witnessed the signing of two Memoranda of Understanding; the first being between the Uganda National Oil Company (UNOC) and the China National Offshore Oil Corporation (CNOOC).

In the pact signed by Josephine Wapakhabulo for UNOC and Yang Iwa for CNOOC, the two agencies agreed to jointly explore a new oil and gas block in the Albertine Graben, on the Southern part of Lake Albert.

The exploration aims to increase the amount of crude oil produced in Uganda to support the operations of the refinery as well as the oil pipe-line.

The two companies also agreed that Ugandans are employed at the new block and they fully participate in the supply of goods and services.

They also agreed to ensure that a strategic partnership be built to ensure that UNOC grows into an oil and gas operator.

In the second memorandum of understanding among China Africa Fund for Industrial Cooperation, Guangzhou Dongsong Energy Co Ltd and the Uganda Free Zone Authority, the three parties agreed to develop Uganda-China Free Zone in Tororo.

Besides these, President Museveni also met several other companies that expressed interest in investing in the areas of roads, beverages, energy, ICT, security among others.

These included Star Times, Hainan Qinfu Foods Co Ltd, China Communications Construction Company, Huawei, Norinco and Waison Company.

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