UNOC Generates Unexpected Surplus from EACOP Investments
Frank Semata 
The Uganda National Oil Company (UNOC) has reported an unexpected financial surplus stemming from strategic investments related to the East African Crude Oil Pipeline (EACOP) project.
This development comes despite earlier government payments and the non-immediacy of the funds.
Proscovia Nabbanja, UNOC’s Chief Executive Officer, detailed that the company had initially anticipated collecting 6.989 billion Shillings from various revenue streams.
However, the surplus was generated through the astute investment of funds allocated for the EACOP project, specifically in anticipation of future cash calls.
"The surplus we are experiencing is due to our proactive investment of the funds earmarked for the EACOP project. By forecasting cash calls, we effectively grew these funds beyond our initial expectations," Nabbanja explained.
In light of these financial developments, the Auditor General’s report has recommended that the accounting officer revise the approved budget to reflect significant financial changes.
This recommendation aims to enhance transparency and ensure all revenue-generating activities receive appropriate communication and approval from relevant authorities.
"The additional funds are expected to support the continued progress and stability of the EACOP project, a crucial infrastructure initiative designed to transport crude oil from Uganda to the Tanzanian port of Tanga." Nabanjja noted
Stakeholders will expect detailed communication regarding the allocation and utilization of the surplus, ensuring accountability and fostering confidence in the company’s financial management.
