President Museveni will this weekend join his Tanzanian counterpart, John Pombe Magufuli to launch the construction of the East African Crude Oil Pipeline (EACOP).
According to Uganda’s Ambassador to Tanzania, Richard Kabonero, the function will be held in Tanga on Saturday, August 5.
The 1,400km (800 miles) pipeline will connect Uganda’s western oil fields with Tanzania port of Tanga and is expected to cost about $4bn (£2.8bn) and create about 15,000 jobs.
In an exclusive interview with ChimpReports on Friday, Kabonero said the project is not only a demonstration of the good cooperation between Uganda and Tanzania but will go further in providing impetus to economic growth of the two countries
“I believe when this project is completed it will transform the lives of our people,” said Kabonero who recently arrived in Dar es Salaam to commence his fresh diplomatic duty.
“It’s not only the oil but the whole corridor will be transformed from cities along the corridor to transport to infrastructure to petrol chemicals to jobs to airports to food supply to manufacturing,” he added.
Museveni and Magufuli recently finalised the Intergovernmental Agreement (IGA) negotiations and consequently resolved all the pending issues on the EACOP project.
Uganda has 6.5billion barrels of petroleum oil that can be used to economically transform the country.
Total, which is the main financier of the project, recently said in a statement that the decision to take the Tanzanian route was a “major milestone towards the development and production of Ugandan resources.”
The Uganda government insists oil must be flowing by 2021 and has in recent years embarked on massive infrastructural projects to realise this dream.
Kabonero told us, “There is more money in the associated activities than the oil itself,” adding, “It’s the most important project in decades for our region.”
Welcoming Amb Kabonero to Tanzania this week, President Magufuli said the diplomat had arrived at the right time when President Museveni and himself are set to launch the oil pipeline project.