The Private Sector Foundation Uganda (PSFU) together with Tanzania Private Sector Foundation (TPSF) have organised a symposium in which the two neighbouring countries will showcase opportunities created by the oil pipeline.

Speaking at the launch of the event in Kampala on Tuesday, PSFU chairman Elly Karuhanga said the symposium slated for November 25, 2021, will link Uganda and Tanzania’s private sector players in the oil and gas sector.

“The East African Crude Oil Pipeline (EACOP), which runs from Lake Albert to the Tanzanian port of Tanga, will create over 5,000 jobs and could create a further indirect 20,000 jobs for our people. Therefore, communication is vital to bring local companies up to speed with what is required of them to participate in this oil & gas sector,” Karuhanga said.

“Tanzania and Uganda enjoy a long-standing, deep, historical diplomatic and economic relationship that has been strengthened by recent developments in the oil & gas industry, principally the East African Crude Oil Pipeline (EACOP) project,” he added.

The symposium will be held under the theme: “Enhancing Private Sector Participation in the Oil & Gas Sector.”

The symposium has been organized in partnership with The Ministry of Foreign Affairs through its Uganda High Commission in Tanzania.

Mr Aziz P. Mlima, High Commissioner of the United Republic of Tanzania to Uganda, reaffirmed the country’s readiness in working with different stakeholders to make the EACOP project a reality to local communities and private sectors.

It is estimated that during just the construction phase of EACOP, Uganda and Tanzania will see an increase of over 60% in Foreign Direct Investment and that the investment in the oil and gas projects shall total up to $20b, with the EACOP investment alone, at over $ 3.5b