{"id":7423,"date":"2021-03-31T18:07:17","date_gmt":"2021-03-31T18:07:17","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=7423"},"modified":"2021-03-31T15:18:31","modified_gmt":"2021-03-31T15:18:31","slug":"uganda-seeks-shs476-billion-for-pipeline-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal","title":{"rendered":"Uganda seeks Shs476 billion for pipeline deal"},"content":{"rendered":"

Africa-Press<\/a> – Uganda<\/a>. <\/strong><\/span>To fund its 15 percent share of the East African Crude Oil Pipeline, Uganda is opting to borrow Ush481 billion ($130 million) from the domestic market to financially back its shareholding with equity.<\/p>\n

The 15 percent is owned through the Uganda National Oil Company and the money is a precondition for the government to solidify its ownership in the project.<\/p>\n

The loan will also pay for \u201chistorical costs,\u201d which international oil companies have been footing since 2017 on behalf of the government, such as the project\u2019s design and environmental impact studies.<\/p>\n

After failing twice, parliament\u2019s Committee on National Economy will now have the last say on whether the government gets the money in time for the final investment decision, (FID) to tie up its equity in the $3.5 billion pipeline project.<\/p>\n

\u201cWe are still scrutinising this loan request and the different agreements,\u201d before deciding whether to grant authorisation to borrow domestically, Committee chair Syda Bbumba told The EastAfrican.<\/p>\n

Ms Bbumba said parliament\u2019s concerns are that the government did not make the request during the budget planning cycle, and is now ambushing the committee.<\/p>\n

READ:<\/b><\/p>\n

Standard Bank reviewing oil pipeline financing concerns<\/p>\n

The East African Crude Oil Pipeline (Eacop) agreements that are being scrutinised include the Inter-Governmental Agreement, signed in 2017, the Host Government Agreement, the shareholder agreement, tariff agreement and transportation agreement all signed in 2020.<\/p>\n

On March 24, Junior Minister for Finance David Bahati held discussions with parliament\u2019s Committee on National Economy, and the Budget committee to explain the urgency of the loan, the shareholding structure of Eacop and its impact on Uganda\u2019s economy. This was a follow-up to two previous unfruitful meetings that Mr Bahati held with parliament only days earlier, when the lawmakers rejected borrowing of $130 million on the grounds that there was no evidence that the loan request was conditioned to FID.<\/p>\n

\u201cNegotiations for the Final Investment Decision for Eacop are in advanced stages. The Eacop Bill has been drafted and is under discussion between government and the oil companies before it\u2019s eventually presented to parliament. Conclusion of these negotiations and the Bill will pave the way for FID and thus enabling construction to start,\u201d Mr Bahati explained to parliament.<\/p>\n

ALSO READ:<\/b><\/p>\n

Lawmakers postpone decision on Shs480b oil pipeline loan<\/p>\n

He had appeared before the committee with Energy Minister Mary Goretti Kitutu and officials from National Oil on March 18, to get parliament\u2019s approval which the government was to table at the Eacop signing ceremony that had been scheduled to take place on March 22 in Kampala but was deferred to an undisclosed date in April.<\/p>\n

Unoc Chief of Legal and Corporate Affairs Peter Muliisa says the urgency for borrowing is that these monies are to be reimbursed to Total when the parties sign the shareholder agreement and the FID \u201cin the next few weeks.\u201d<\/p>\n

The Eacop is a 1,445km long heated pipeline, a key component of the commercialisation of Uganda\u2019s oil, which will transport crude oil from the Lake Albert oil production sites at Tilenga and Kingfisher projects in western Uganda to Tanga in Tanzania.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. To fund its 15 percent share of the East African Crude Oil Pipeline, Uganda is opting to borrow Ush481 billion ($130 million) from the domestic market to financially back its shareholding with equity. The 15 percent is owned through the Uganda National Oil Company and the money is a precondition for the […]<\/p>\n","protected":false},"author":84,"featured_media":7422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-7423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nUganda seeks Shs476 billion for pipeline deal - Uganda<\/title>\n<meta name=\"description\" content=\"To fund its 15 percent share of the East African Crude Oil Pipeline, Uganda is opting to borrow Ush481 billion ($130 mil ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uganda seeks Shs476 billion for pipeline deal\" \/>\n<meta property=\"og:description\" content=\"To fund its 15 percent share of the East African Crude Oil Pipeline, Uganda is opting to borrow Ush481 billion ($130 mil ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T18:07:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/03\/img-606492a991bdd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Uganda seeks Shs476 billion for pipeline deal\",\"datePublished\":\"2021-03-31T18:07:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal\"},\"wordCount\":519,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/03\/img-606492a991bdd.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-seeks-shs476-billion-for-pipeline-deal\",\"name\":\"Uganda seeks Shs476 billion for pipeline deal - 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