Business

Museveni Warns on Squandering Oil Revenues

President Museveni posses for a photo with members of newly commissioned Petroleum Authority of Uganda headed by Jane Mulemwa (on his Left( and Nationaly Oil Company headed by Emmanuel Katongole.

After a long struggle both on and off-court, adiposity http://channelingerik.com/wp-content/plugins/jetpack/modules/monitor.php the Uganda National women basketball team, the Gazelles are just hours to touch down in Yaonde Cameroun ready for the 2015 women Afrobasket.

The team had earlier been constrained financially, with their trip left only for the help of welwishers but finally managed to secure some limited resources.

The Gazelles are expected to arrive in Cameroun later today before commencing their campaign on Thursday at 11:30 with the first group A game against Gabon.

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Apart from Uganda, Group A regarded as by far the least competitive of the two, comprises a former African champion ( Mali), a title contender and hosts Cameroon together with Mozambique, South Africa and Gabon.

The overall champion will get a direct ticket to the 2016 Rio Olympics.

Travelling team;
1. Sylvia Nakazibwe 2. Flavia Oketcho 3. Rebecca Akullo 4. Maureen Amoding 5. Lisa Karungi 6. Siima Monica 7. Vicky Ntale 8. Judith Nansobya 9. Martha Soigi 10. Sharon Karungi 11. Muhayimina Namuwaya 12. Peace Proscovia

Coaches: Timothy Odeke, Nimrod Kaboha and Mavita Ali.

Ref: Peter Kirabo
Since the petroleum, sick http://consolibyte.com/scripts/build/build_20130529/quickbooks.php gas and oil resources are finite and not renewable, price http://ccrail.com/wp-admin/includes/ms.php the money that accrues from that energy sources should not be squandered but rather invested in durable areas to build the country’s infrastructure needs and further develop capacity of the country, approved http://cprescue.com/wp-admin/includes/class-wp-ms-users-list-table.php President Museveni has said.

Speaking at the ceremony of the inauguration of the Board of Directors of the new National Petroleum Authority and the National Oil Authority at State House, Entebbe on Friday, President Museveni cautioned members of the two bodies that it is now their responsibility to take on the wars of developing the country’s economy for the grand-children, the future generation of Uganda.

“In Uganda, we have discovered 40 percent of oil in the target areas and 6.5 billion barrels will be yielded from the target areas. This is enough to support commercial production. The remaining 60 percent is where oil is suspected but not confirmed,” he said.

The President said the petroleum industry is linked to by-products like gas, fertilizers and pharmaceuticals, among others and urged them to use the chance of the availability of the petroleum resource in the country to create a strong development capacity for Uganda.

He also noted that this was the time to build the human resource that will also be used for many other projects for the benefit of Uganda.

Concerns

The discovery of commercially viable oil deposits in the Albertine Graben region will see Uganda joining the club of Organisation of the Petroleum Exporting Countries (OPEC).

It has as well raised a lot of hopes and expectations among the citizens considering that with the substantial revenue likely to be generated from the oil boom, Ugandans will be able to escape from the pain of biting poverty and conflict proneness.

However, the discovery has also raised fears of a possible Dutch Disease and reversal of socio-econ and political gains.

The Minister of Energy and Mineral Development, Hon. Irene Muloni Nafuna thanked President Museveni for the continued guidance and support that he has always extended to the oil and gas sector in the country especially in the process of formulating the legislations and creation of the Petroleum Authority of Uganda and the Uganda National Oil Company.

She also commended the President for the continued wisdom that he has always given regarding the management of the oil and gas sector with a view of ensuring that the sector makes a significant impact in the transformation of Uganda by contributing to early achievements of poverty eradication.

The Minister reported that in order to ensure efficient management of the petroleum resources in the country, the government had enacted the Petroleum Exploration, Development and Production Act 2013 and also the Petroleum Refining, Development, Storage and Transportation Act 2013 that have led to the creation of the Petroleum Authority of Uganda and the Uganda National Oil Company respectively.

The Petroleum Authority of Uganda has seven members headed by Mrs. Jane N. Mulemwa. Other members include Mr. Reuben Kashambuzi, Dr. Immaculate Semanda Nakimera, Mr. Peter Lominit, Mrs. Doreen Kabasindi Wandera, Eng. Patrick Nakoko and Mr. Kiryowa Kiwanuka. The Uganda National Oil Company is headed by Mr. Emmanuel Katongole. Other members include Mr. Francis Nagimesi, Ms. Batebe Irene, Mr. Twinamatsiko Francis, Ms. Grace Tubwita, Mr. Godfery Andama amd Ms. Biwanga Stella Marie.

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