Oil: Experts task government to provide more information on logistics

The Ministry of Works and Transport has been asked to provide more information on logistics to enable stakeholders to make the right investment decision.

The remarks were made during during the 6th annual Oil and Mining Convention that was aired live on NBS television.

For everyone to be ready for oil and mining, experts in the field said the stakeholders need to provide more information regarding the sector.

Experts also noted the logistics companies are ready for the oil and mining sector to some extent but more resources are needed to be more ready.

They said there is need to train people to deal with such big goods because there is going to be an identification of partners to handle the cargo.

Emmanuel Katongole,the board chairman, Uganda National Oil Company, said the government of Uganda is doing whatever it takes to avail the money for investment.

He said when the time comes to call on the National Social Security Fund, they will find it attractive to invest.

"There is an opportunity for all the processes that we are going to do. It is an opportunity for the people of Uganda. We should capture the opportunities to develop Uganda,"he said.

The managing director of the National Social Security Fund ( NSSF), Richard Byarugaba, said hiring the right staff and rewarding them is important in this case noting that the participating oil companies are customers and should also be treated well.

"Uganda has a lot of lessons to learn from across the world, therefore there is no reason to fail,"he said.

Jane Byaruhanga, the manager Environment from the Petroleum Authority of Uganda noted that the global shift to renewable energy will not greatly affect Uganda's oil sector.

She said Uganda is looking at cleaner technology adding that there will be co-existence of renewable energy alongside oil like it is in Asia.

William Kizito, the advisor on Investment, Uganda Chamber of Mines, said investing in the oil sector is wise because the prices are stable hence the country has a chance to hit the jackpot if the trends remain normal.

Experts said the discussion on oil and mining will continue until each and every one of us is aware of the sector's activities and how to participate.