The Uganda Investment Authority (UIA) has officially handed over an investment license to the East African Crude Oil Pipeline (EACOP) project. The event, which took place today at the UIA headquarters in Kampala, was attended by representatives from both organizations and government officials.
The handover of the investment license is a significant milestone for the EACOP project, which aims to construct a 1,445 km crude oil export pipeline from Hoima in Uganda to Tanga in Tanzania. The project is expected to create thousands of jobs and boost economic growth in both countries.
Speaking at the event, the Executive Director of the Uganda Investment Authority, Mr. Robert Mukiza, said, “We are delighted to hand over this investment license to EACOP, which demonstrates our commitment to promoting investment in Uganda. The EACOP project is a crucial component of Uganda’s oil and gas sector, and we are confident that it will bring significant benefits to our economy.”
The handover of the investment license comes after a rigorous process of due diligence, which was conducted by the Uganda Investment Authority to ensure that the project meets the necessary legal, financial, and technical requirements.
Commenting on the handover of the investment license, EACOP’s Deputy Managing Director in Uganda, John Bosco Habumugisha, said, “We are grateful to the Uganda Investment Authority for their support and for recognizing the potential of the EACOP project. This investment license is a critical step in the development of the project, and we look forward to continuing to work closely with the Uganda Investment Authority as we move forward.”
The EACOP project is a joint venture between Uganda National Oil Company (UNOC), TotalEnergies E&P Uganda and CNOOC (Uganda) together with the Tanzania Petroleum Development Corporation.