Inside the East Africa Crude Oil Pipeline pact
Presidents Yoweri K. Museveni of Uganda and Samia Hassan Suluhu of Tanzania yesterday, April 11,2021 signed a pact at State house Entebbe that will see the construction of the East Africa Crude Oil Pipeline (EACOP) commence.
About shares; Total E & P of France has 70%, China National Offshore Oil Corporation (CNOOC) 8%, Tanzania 5% and Uganda 17%.
The 1,443km EACOP will transport Uganda’s crude oil from Hoima in western Uganda to the Chongoleani peninsula near Tanga port in Tanzania.
The construction of the pipeline is expected to cost at least $3.5 billion = UGX12,761,133,000,000.
Uganda has so far discovered over 6.5 billion barrels of oil.