#COP27: Leading businessmen issue statement supporting Uganda oil pipeline and refinery construction

HERE IS THE FULL STATEMENT REPRODUCED

Statement by Business Leaders on COP (Conference of the Parties) 27

As Ugandan private business leaders, we register our support to the Lake Albert Oil & Gas Development project which will secure the supply of Petroleum Products to our domestic market, with the construction of a refinery and the commercialization of Liquefied Petroleum Gas (LPG).

The remaining production will be evacuated to the Tanzanian coast through a pipeline known as EACOP (East African Crude Oil Pipeline) which opens future opportunities including Tanzanian gas import.

These projects will generate the much-needed revenue for our country and for Ugandans. As a result, we should see Uganda’s gross domestic product (“GDP”) doubling in five years.

All other sectors in our country will benefit directly or indirectly from the massive investments which shall reach more than 4 Billion $ directly spent in country.

We have confidence and trust that these projects, will be executed in compliance with both the stringent regulatory and legal framework put in place and the highest international standards (IFC Performance Standards and UN Guiding Principles on Business and Human Rights) as already committed by the Operators. It is our view that this will ensure the projects are carried out with proper respect for Human Rights, minimum environmental footprint, conservation of our biodiversity, and full and fair compensation for land.

For these reasons, we give our unreserved and wholehearted, support for the responsible development of the natural resources Uganda is endowed with, including the associated construction of EACOP pipeline and the Refinery. It is only through sustained economic development that Uganda will continue improving the livelihoods of its citizens.

SIGNED BY;