Ugandan business leaders have expressed unequivocal support for the East African Crude Oil Pipeline (EACOP), a project they say will guarantee Uganda’s energy security as well as improve the livelihoods of Ugandans.
In a joint statement to the Conference of the Parties (COP) 27, the business leaders said:
“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 products 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,” the business gurus say in a statement.
The statement was signed by Elly Karuhanga, Patrick Mweheire, Charles Mbire, Omar Ahmed Mandela, Fabian Kasi, Japeth Katto, Bob Kabonero, Jeff Baitwa, Geoffrey Rugazora, Kin Kariisa, Amos Nzeyi, Charles Hamya, Jimmy Mugerwa , Joseph Matsiko, Joseline Kateeba, Badru Muwanga, Catherine Wabomba, Abdul M Kibuuka, Stephen Assimwe, David Otti, Aga Ssekalala and Jonan Kisakye.
The private business leaders say these projects will generate much-needed revenue for Uganda and Ugandans, doubling Uganda’s gross domestic product (“GDP”) in five years.
“All other sectors in our country will benefit directly or indirectly from the massive investments which shall reach more than US$4 billion directly spent in country,” the statement reads.
“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,” the entrepreneurs say.