The stakeholders of the Uganda National Oil Company (UNOC) have resolved that the company invests and holds 15 percent equity in the East African Crude Oil Export Pipeline (EACOP), invests and holds up to 40 percent equity in the Refinery Project to be developed in Kabaale, Hoima district and invests and holds at least 51 percent equity in the Kampala Storage Terminal (KST) to be located at Namwabula village in Mpigi district as well as manage and operate it.
The stakeholders agreed that UNOC operates and manages the Kabaale Industrial Park (KIP) to be located in Kabaale, Hoima district as well as commence and engage in petroleum exploration activities within the boundaries of Uganda to ensure sustainability of the oil and gas development.
According to yesterday’s press release, the investment decisions were reached at during UNOC’s second Annual General Meeting of stakeholders held two days ago at its Head Offices in, Nakasero, Kampala. The AGM was chaired by Energy minister Eng. Irene Muloni and attended by Finance Minister Matia Kasaija.
The stakeholders pledged to support and commit finances required for the execution of the projects. “UNOC is the one representing our business interest (Government) in the oil and gas industry and we are positioning it to be able to represent us effectively and be able to make money for us,” said minister Muloni.
The Directors of UNOC led by the Chairman, Emmanuel Katongole, the Executive Management of UNOC led by the Chief Executive Officer, Dr. Josephine Wapakhabulo and representatives of the Permanent Secretary of the Ministry of Energy and Mineral Development and Office of the Auditor General attended.
UNOC was established under Section 42 of the Petroleum (Exploration, Development and Production) Act (Upstream Act) and Section seven (7) of the Petroleum (Refining, Conversion, Transmission and Midstream Storage) Act (Midstream Act), both of 2013. The Company was incorporated under the Company’s Act of 2012 as Limited Liability Company wholly owned by the Government of Uganda.
The Shareholders of UNOC are the Minister of Energy and Mineral Development (51 percent) and the Minister of Finance, Planning and Economic Development (49 percent) on behalf of Government of Uganda.
At the 2nd AGM, shareholders approved and adopted the Annual Financial Statements for the years ended June 30, 2017 and June 30, 2018, including the reports of directors and external directors. The shareholders also resolved: