Uganda government to save USD600Million in Oil Imports
Uganda will save up to UGX1.7 trillion (USD600million) per annum on oil imports when the country starts oil production, according to Bank of Uganda.
Uganda is a net importer of oil products including diesel, petrol and kerosene as well as aviation fuel. Oil companies including TOTAL, TULLOW Oil and China National Offshore Oil Corporation (CNOOC), are expected to start the production of oil for domestic consumption next year . It is anticipated that Oil and Gas will generate up to USD 2 Billion per annum for Uganda , giving the budget a financing boost.
The developments in the Oil and gas industry have seen various sectors and government prepare to reap from this national resource. A straight forward example is Euro Money’s training on oil, financial experts from this UK based financial training firm recently trained a group of 20 executives form seven commercial banks and the National Social Security Fund.
Given the growing importance of the sector to the feature Uganda Economy , it is imperative that the financial sector builds the skills necessary to effectively service the sector.