Iran Investors Target Uganda's Oil, Minerals

Uganda Chamber of Mines and Petroleum met with the Iranians in Kampala COURTESY PHOTO Uganda Chamber of Mines and Petroleum met with the Iranians in Kampala

The Islamic Revolution Mostazafan Foundation has expressed serious interest in investing in various projects in Uganda including the petroleum and mining sectors, a statement released by Uganda Chamber of Mines and Petroleum stated.

A three man delegation led by Manoochehr Khajel-Daloul, the Foundations deputy for construction recently paid a courtesy call to the Chamber. A number of investment opportunities in the extractives sectors were shared by Elly Karuhanga, the chairman of the Chamber.

"With Uganda targeting first oil in 2020, opportunities in the oil and gas sector are immense. Apart from the two critical projects, the refinery and pipeline, more support infrastructure like roads, railways and energy projects are in the offing," he said.

He added that other opportunities are in the logistics, foods and beverages, finance, security, human resource, waste management and crane services.

"At least up to $20bn is expected to be invested in Uganda to help the oil industry to take off smoothly.

Mostazafan Foundation is the second largest enterprise in Iran, second only to the National Oil Company. The Foundation is composed of eleven holdings controlling 150 companies which are spread across different sectors globally.

Karuhanga invited the Mostazafan Foundation to consider UCMP as a viable partner that would introduce them to sustainable and geniune openings in the oil and gas and mining sectors.

The Iranian delegation according to the statement was interested in knowing government's investment vision in the oil and mining sectors, the kind of incentives ono offer, licensing durations, revenue sharing options, among other issues.

Last modified onTuesday, 18 July 2017 09:44

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