The private sector is becoming impatient waiting for the promised oil and gas opportunities to open up. Entrepreneurs who have strategically positioned themselves to tap into these opportunities are calling on government to fast track these possibilities.
The latest to voice his frustration at the delays being experienced in the oil and gas sector is businessman Sudhir Ruparelia who has asked government to close the deals that are causing the delays for the development and production of the country’s oil.
“I would like to urge government to work towards closing the long awaited oil and gas opportunities. Many investors have made projections and investments based on that opportunity, the longer it takes to materialize, the more these investors will be hard pressed,” Sudhir told CEO East Africa in an exclusive interview.
Uganda and the international oil companies are expected to announce a Final Investment Decision (FID) in June. The FID will give guidance and explain how the oil companies will invest their money.
Once the oil companies decide where and how to invest, key contracts will be announced and awarded to qualifying contractors many of whom are expected to be local companies especially in the service industry.
While conducting Havana prayer for Kingdom Kampala mall on Sunday, Rajiv Ruparelia, also of Ruparelia Group, said the multibillion complex providing office space is targeting the oil and gas sector.
“The opening of this property has come at a strategic time when we are trying to target the oil and gas sector as well as any other sectors that require office space,” Rajiv told journalists.
“We are trying to get new people who would be investing in the oil and gas. We hope the oil and gas deals are signed this year as we have been told. Once that takes off there will be extremely good economic movement in Uganda.” He added.
The Ruparelia Group through Speke Group of Hotels has had a taste of oil money. The Group’s hotels like Speke Resort Munyonyo and Kabira Country Club has been the preferred facilities for local and international oil and gas meetings.
In April this year, Uganda Chamber of Mines and Petroleum hosted the country’s leading oil and gas convention at Speke Resort. The ministry of energy and mineral development has also hosted the energy sector review meetings there.