M7 Meets Oil Tycoons
President Yoweri Museveni has met and held discussions with Pet Holdings, a petroleum exploration and production company that is interested in the development of Uganda’s oil and petroleum sector.
The meeting was held in Istanbul, Turkey.
Led by their Chairman, Prof. Dr. Guntekin Koksal and accompanied by the Pet Oil Commercial Manager, Cuneyt Sapcioglu and the General Manager, Dr. M. Ali AK, the investors said they were interested in assisting Uganda in exploring for oil in up-sites, refining, etc and in building small refineries that can process up to 5,000 barrels of oil per day.
They also expressed willingness to train Ugandans in various skills in the oils sector.
“We are eager to pass on experience we have in oil exploration to the Ugandan people,” Prof. Guntekin said.
President Museveni welcomed the investors and said Uganda’s oil is from vegetable matter with some oil wax but with no sulphur.
He pledged to follow up and work with the investors in the areas of training and building small refineries for adding value on the oil before export.
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Updated on 2013-05-09 09:25
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