Stanbic Bank Uganda in partnership with the Energy Industries Council (EIC) and the British High Commission have hosted a high-powered trade delegation from the UK who were in the country to introduce British Oil and Gas goods and services providers to Uganda and also facilitate JVs partnerships and strategic alliances with Ugandan businesses.
The delegation, the first by a UK trade envoy to Uganda, was led by Lord Dolar Popat, who is the UK Prime Minister’s Trade envoy to Uganda and Rwanda.
Welcoming the guest of honour, Irene Muloni Uganda’s Minister of Energy said that Lord Popat “is a true son of the soil who has returned home to make a difference”.
“Uganda needs investors who not only come looking to make a return but have the best interests of the country at heart. Given your origins, we surely believe you are here for the right cause,” she said.
Giving a keynote address, Lord Popat who was born in Uganda, Busolwe and grew up in Tororo till when he left the country at 17 years thanked the Minister and Government for the warm welcome.
“As the Prime Minister’s Trade Envoy to Uganda, I am delighted to be leading the EIC delegation to Uganda. Britain’s oil and gas industry has tremendous expertise and Uganda’s growing energy market – with planned refinery, pipeline and field development project is a perfect place to engage in opportunities. As is the theme for this conference, it is important that oil and gas develops Ugandans and UK companies are here to support that.”
Speaking at the event, Stanbic Bank Chief Executive Patrick Mweheire welcomed the delegation to the country noting, that the UK is a key trading partner for Uganda given the common history we share.
“British companies are therefore well positioned to be valuable participants in the development of Uganda’s hydro carbon sector.”
He continued, “As a bank, we firmly believe the Oil and Gas sector is one of the catalysts that will proactively lead Ugandas economic transformation given the multiple subsectors it touches. This will only happen however if local companies are given the opportunity to participate as active partners in its planning, execution and development. Stanbic Uganda is already playing its part to make this possible and has hosted several local content awareness workshops, collaboration conferences and forums aimed at up skilling local players and fostering partnerships.”
The trade forum was held under the theme ‘Unlocking opportunities in the oil & gas supply chain’. Participants in the panel discussion moderated by the Stanbic Chief Executive included Ernest Rubondo the Executive Director of the Uganda Petroleum Authority, Hon Elly Karuhanga the Chairman of the Uganda Chamber Mines, Jimmy Mugerwa the General Manager of Tullow Uganda and Phil Haymes DIT UK Oil and Gas Specialist.
Over 15 Billion dollars is projected as investments required for the full development of Ugandas Oil and Gas industry which is expected to peak in 2030 with 300,000 barrels being produced on a daily basis. Over 80% of the budget has been earmarked for the development of related infrastructure, an Oil refinery and 1,445km pipeline recently launched by the Presidents of Uganda and Tanzania.
Stanbic Bank Uganda alongside Japans Sumitomi Mitsui of Japan were appointed as joint financial advisers for the oil pipeline which will connect Ugandas oilfields in the West of the country to the port of Tanga in Tanzania. The bank plans to raise $3 billion USD for the project in the second half of 2018 as Uganda prepares to start oil production by 2020.
