The Uganda government and Abu Dhabi National Oil Company (ADNOC) have resolved to sign a Memorandum of Understanding (MoU) for cooperation and collaboration on the downstream trading in bulk petroleum products.
This was reached during a meeting held between Ugandan government officials and Mr Khaled Salmeen, Executive Director of the Abu Dhabi National Oil Company (ADNOC) at the company’s headquarters in Abu Dhabi.
Uganda was represented by Minister of Energy and Mineral Resources, Hon Ruth Nankabirwa in company of the Permanent Secretary Ms Irene Bateebe, and Chairman of the Uganda National Oil Company (UNOC), Emmanuel Katongole.
According to Uganda’s ambassador to United Arab Emirates (UAE), Zaake Kibedi, the meeting was aimed at exploring opportunities for ADNOC to offer support to Uganda’s efforts in establishing regional and global partnerships that can help Uganda actualize its objectives of participating in the international oil trade space.
During the fruitful meeting, Salmeen and his team at ADNOC expressed interest to collaborate with UNOC in order to help Uganda achieve her objectives.
“It was resolved that ADNOC and UNOC develop a Memorandum of Understanding for cooperation and collaboration on the downstream trading on bulk petroleum products together with prospects of technical cooperation for mutual cooperation.” ambassador Kibedi noted.
The meeting also resolved that technical teams on either side start immediately exchanging texts on the MoU such that it is ready for signing at the side lines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) slated for next month in Abu Dhabi.
Founded in 1971, ADNOC is one of the world’s leading energy producers and a primary catalyst for the growth and diversification of the Abu Dhabi economy. With a production capacity of more than 3.5 million barrels of oil per day and 10.5 billion cubic feet of natural gas per day, the company operates across the entire hydrocarbon value chain.
Its diverse family comprises more than fifty thousand people who originate from the UAE and beyond, with over 100 different nationalities represented across the company.
The engagement with ADNOC according to Kibedi is a step forward on the four-mile Expo journey strategy of the Uganda Embassy at the Dubai Expo where Uganda continues to register steady progress.
Earlier this week the ambassador revealed that the embassy’s plan for participation at the world Expo is twofold; to facilitate Uganda’s visibility and competitiveness.
“This is a world Expo at which 192 countries are participating. For a country to be visible there is need for strategic planning, showcasing uniqueness and leverage on comparative advantage that she has.” he said.
Under the responsibility of the Uganda Embassy in UAE, Uganda has so far inked remarkable deals at the ongoing expo including $500 million with Elite Agro LLC, US$250m with AMEA POWER to set up a 20mw solar plant in Arua and 200mw (Hybrid solar and wind) plant in Karamoja and US $50m with Global Gases Group to set up at large liquid Oxgyen production plant.
The ambassador also revealed that there is another major pending for feasibility study in tourism and is worth $400m, amongst many others pending.