Tag Archives: oil

Chairman Uganda Chamber of Mines & Petroleum Elly Karuhanga has warned that the level of preparedness in the local oil sector is below par. “The level of preparedness is still low since only 25 firms were found eligible to supply the industry. Local suppliers aren’t equal to the task to …

Maputo, Mozambique | AFP | Mozambique on Tuesday said most of $1.4 billion in previously hidden loans had been used to fund maritime security and shipyards, a week after the IMF suspended the country over the undisclosed sum. The Washington-based International Monetary Fund last Wednesday called off a staff mission …

  After formally bagging the new oil pipeline from the Ugandan oilfields through Tanzania to the port of Tanga, yet more good news emerged for Tanzania today. The proposed railway extension from the inland dry port of Isaka to Kigali and Bujumbura will after all be built, providing a safe, …

Riyadh, Saudi Arabia | AFP | Saudi Arabia said Monday it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy. The announcement of the long-term reform programme, dubbed “Saudi Vision 2030”, marks the …

Uganda agrees with Kenya to develop the oil pipeline route to the port of Tanga while Kenya develops the Lamu route. — Richard Kabonero (@richardkabonero) April 23, 2016 The 13th Summit of the Northern Corridor Integration Projects concluded today with the surprise decision by the regional leaders to give a go ahead …

MALABO, Equatorial Guinea | AFP | Equatorial Guinea’s tough President Teodoro Obiang Nguema seized power almost 37 years ago from a feared and ruthless uncle and has steered the tiny but now oil-rich nation with an iron glove. Already Africa’s longest-serving leader, the 73-year-old looks set to win a fresh …

Panama Papers expose efforts plot to dodge taxes in oil deals When 370 journalists from 76 countries collaborate on an investigation, the resulting story is bound to be explosive. That is exactly what happened with what has come to be known as “The Panama Papers”; which is a huge leak …

Caracas, Venezuela | AFP Venezuelan workers will get Fridays off for the next two months as part of an emergency plan to save electricity, the president said. Venezuela has the world’s largest proven oil reserves but its economy is a mess, with rampant inflation, shortages of goods as basic as …

Washington, United States | AFP Angola said Wednesday it had asked the International Monetary Fund for help after the crash in oil prices ravaged government finances. The IMF said discussions would begin next week in Washington on what could be a three-year support plan for the government. “The sharp decline …

Talks on construction of the Uganda-Kenya oil pipeline were not conclusive in Nairobi on Monday, with the two leaders Uhuru Kenyatta and Yoweri Museveni agreeing to let the technicians refine their proposals ahead of another meeting in a fortnight. The pipeline project, a key plank of the Northern Corridor Infrastructure …