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Uganda on Wednesday submitted a final bid to a company controlled by TotalEnergies to build a $3.5 billion oil pipeline to Tanzania.
The final approval paves the way for the construction of pipelines that will be used to transport the country’s crude oil internationally.
The signing follows Monday’s approval by the Ugandan Cabinet to allow the East African Crude Oil Pipeline Company to build a pipeline.
TotalEnergies is EACOP’s largest shareholder with a 62% stake. Other investors include state-owned Uganda National Oil Company and Tanzania Petroleum Development Corporation each holding 15%, and China’s CNOOC (0883.HK) holding 8% of him.
France’s Total Energies and China Offshore Oil Corporation signed a $10 billion contract earlier this year to develop Uganda’s oilfields and transport crude oil through a 1,445-kilometer (900-mile) pipeline to the Indian Ocean port of Tanga in Tanzania. signed to.
The project, which involves drilling into Murchison Falls, Uganda’s largest national park, has faced strong opposition from activists and environmental groups who say it threatens the region’s fragile ecosystem and the livelihoods of tens of thousands of people. .
Uganda’s President Yoweri Museveni has vowed to proceed with the project regardless of EU resolutions and warned that the government would look for other partners in case TotalEnergies chose to “listen to the EU parliament”.
The project aims to extract the vast oil reserves beneath Lake Albert, the 160-kilometer natural border between Uganda and the Democratic Republic of the Congo, and transport the oil through the world’s longest heated pipeline. I’m doing it.
Museveni has in the past hailed the project as a major economic boost for the landlocked country, where many live in poverty.
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