President Museveni presided over the signing of the Host Government Agreement (HGA) for the East Africa Crude Oil Pipeline (EACOP) project between the government and Total.
He congratulated Total upon concluding this agreement which moves closer to production of crude oil in Uganda.
“It has taken long but I want to assure Ugandans that this was deliberate,” Museveni said.
“We have gone through every item.”
Uganda is a rich country, with oil as a small fraction of this wealth, the president said.
The big part is agriculture, industry, services and human resource.
Oil, however, can be a good spark for transformation, he noted.
“It will bring money which we shall use to develop infrastructure, science and technology. This money will not be used for consumption. We shall use it to enhance our durable capacity.”
“I welcome our partners from France, led by the Total CEO and Chairman, Patrick Pouyanne. I will get in touch with His Excellency John Pombe Magufuli to follow up on Tanzania’s host agreement.”
“I congratulate our Ugandan team, they are good negotiators. We now have a good petroleum team in terms of science, economics. They always help me because they know everything that’s happening in the world in the oil sector.”