TotalEnergies invests shs 3billion worth of contracts in Ugandan Economy

While addressing delegates at the 8th Annual Oil and Gas convention at Kampala Serena Hotel on Wednesday, Edrisa Kwizera the in-country project representative of Tilenga, TotalEnergies said that 3billion UGX worth of contracts have been directly put in market for mainly local companies consumption.

The Oil Convention 2022 was organized under the theme “Maximizing National Content and Value Retention” and was held from 12-13th April 2022.

This was organized in line with the East African Crude Oil Pipeline (EACOP) which is a 1,445km long electric heated crude oil pipeline system running from Hoima, Uganda to the port of Tanga in Tanzania an oil investment expected to generate to 100million US dollars a year.

“So far we have approved contracts worth millions to Sinopec JV and McDermott among others and we hope to give more to others” Edrisa added.

In his presentation Qi Ruian the deputy manager Sinopec also emphasized on involving Ugandan local companies in their sub contracts and he pointed out that  sectors like audit and test services, logistics, PPE’s, disposal amongst others are directly allocated to those with 100% national content.

Qi also cautioned subcontractors that while approaching them for any opportunities these should consider legal compliance, Insurances, HSE clarifications, National content among others to be on safe side.

James Mwangi the Managing Director Equity group who are  diamond sponsors of this year's  convention said that leadership is a crucial aspect in the readiness of the East African community as it is becoming a heavy resource region.

At this convention, Mwangi also talked about the African recovery plan that Equity bank has invested in 6billion to help entrepreneurs who were affected by the covid19 pandemic that affected a great number of them.

“We as Equity bank believe its important to also look at the bottom man and to ensure that they have  the capacity to participate in the industry irrespective of the segments” he added.

Towards promotion of National content, A memo of understanding between Uganda National Oil Company UG & EquityBank  was signed with an aim of making oil and gas activities between the two stronger respectively.

This 8th edition of Oil and Gas convention was also  sponsored by Total Energies, Uganda National Oil Company, Petroleum Authority of Uganda, Hima, ICS, Uganda Insurers Association, Centenary Bank, KAA, Serena hotel amongst others.