Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank
22.7 C
Kampala
Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

UNOC quashes acquisition allegations by Peace Oil and Gas Company Limited

Must read

Simon Kabayo
Simon Kabayohttps://eagle.co.ug
Reporter whose work is detailed

National Oil Company Limited (UNOC) has dismissed the rumors making rounds on social and print media claiming acquisition by the Peace Oil and Gas Company Limited.

Reports indicated that a resolution was made by the Board of Directors of Peace Oil and Gas Company Limited dated October 3,2023 to initiate a formal acquisition intention to UNOC.

The documents further indicate that Peace Oil and Gas Company Limited has been authorized by its Board to draft documents required for the acquisition of UNOC including undertaking due diligence, negotiating the acquisition, and signing transaction documents (that would be approved by the relevant departments of the Ugandan Government) among others.

In a November 4, 2023 statement, UNOC refuted the claims – noting that it is a fully Government of Uganda-owned company established under Section 42 of the Petroleum (Exploration, Development and Production) Act and Section 7 of the Petroleum (Refining, Conversion, Transmission and Midstream Storage) Act, both of 2013 and any assignment or transfer of its participating interests and shareholdings to another entity can only be considered through the relevant approvals and legal instruments that established it.

“The commercial participating interests and shareholding levels of UNOC in the various oil and gas projects across the petroleum value chain have been established by legislation through Acts of Parliament and/or approval of Cabinet.”

“UNOC would like to categorically state that its Shareholders, Board of Directors and Management have not at any time considered any offer from Peace Oil and Gas Company Limited to acquire UNOC or its commercial participating interests in the oil and gas projects,” they added.

“UNOC hereby strongly disassociates itself from the alleged transaction by Peace Oil and Gas Company Limited and considers the claims to be a fraud done in bad faith with the intention to discredit the Government of Uganda and damage the reputation of UNOC. We wish to advise the public to disregard the claims made by Peace Oil and Gas Company Limited, and that UNOC has issued fraud alerts on its social media platforms to this effect.”

- Advertisement -

More articles

1 COMMENT

- Advertisement -

Latest article

- Advertisement -