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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