Uganda Seeks Oil-Pipeline Funding Ahead of Construction
17 March 2021 - 05:09PM
Dow Jones News
By Nicholas Bariyo
Uganda's state oil company is seeking up to $130 million from
the treasury to fund part of its equity contribution ahead of the
planned construction of an oil-export pipeline through Tanzania,
Finance Minister Matia Kasaija said Wednesday.
The funds, among others, will be used to compensate landowners
along the 900-mile pipeline route, as France's Total SE closes in
on a final investment decision for the $3.5 billion project. It is
a boost for the much-delayed project, which is expected to
transport about 200,000 barrels a day of Ugandan crude to the
Tanzanian port of Tanga on the Indian Ocean, starting 2024.
"This money is needed before international oil companies make a
final investment decision in the next few weeks, we have to move
quickly," Mr. Kasaija said.
Write to Nicholas Bariyo at Nicholas.Bariyo@wsj.com
(END) Dow Jones Newswires
March 17, 2021 01:54 ET (05:54 GMT)
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