Tanzanian President John Magufuli said he had agreed with his Ugandan counterpart on the sharing of profit from a jointly planned $3.5bn crude-export pipeline.
The accord is yet another milestone that, alongside agreements between the governments and companies led by Total, bring closer a final investment decision for the project. Total is leading plans to build the conduit from Uganda’s oilfields in the west of the country to the Tanzanian port of Tanga along with partner Cnooc of China and the two governments. Uganda, which discovered commercially viable crude deposits in 2006, has an estimated 6-billion barrels of oil resources and plans to start pumping crude from the ground in 2023/2024.
The two leaders agreed “that the remaining agreements be fast-tracked” including the Tanzanian host government agreement, Museveni said later on Twitter.
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