MPs question Uganda’s 15% shareholding in the crude oil project
By Damali Mukhaye
Parliament has questioned 15% shares Uganda is slated to get from the East African Crude Oil, saying it is very little.
During plenary earlier today, energy and mineral development minister Mary Goretti Kitutu said Total has 62%, Uganda 15%, Tanzania where the oil pipe will pass also has 15%, while CNOOC is allotted 8%.
Kitutu informed the House that in case Tanzania loses interest in shares, the first beneficiary will be CNOOC followed by Total and Uganda comes last, stirring anger among MPs.
According to Busia County’s Godfrey Macho and his Butambala counterpart Muwanga Kivumbi, since Uganda owns the oil, it is not fair to get equal shares with Tanzania where the black gold will simply pass through.
MPs said that Uganda should be in a position to negotiate for more shares to avoid suffering huge losses in the future.
