Uganda to create new national oil company

Feb 15, 2008 01:00 AM

Following news in January that the Ugandan government will develop its downstream industry, now comes the news that a new national oil company will be created.
Downstream development will include the construction of a refinery at Hoima, some 250 km north-west of Kampala. To assist the Ministry of Energy in effectively carrying out the increased roles required in policy making and monitoring and evaluation for the sector, a few new entities will be established, including a National Oil Company (NOC). Uganda’s NOC will become known as NATOIL.

Uganda’s comprehensive new oil and gas policy entire covers the entire downstream-upstream continuum, and addresses those areas of specific national interest and incorporates numerous safeguards to avoid some of the pitfalls its African cousins have faced.
These areas include health and safety, environment, human resource development, institutional capacity building, prudent resource management, and fiscal and economic accountability, among many others.

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