Uganda: Country Will Not Export Crude Oil – Museveni

Uganda will not export crude oil but have it refined to maximise returns from exploration. This was announced by President Yoweri Museveni at the Organisation of Islamic Countries (OIC) first business forum in Kampala yesterday.

“I have held a meeting with companies producing oil,” he told the over 500 delegates from 57 Muslim countries.

“They wanted to build a pipeline. But I told them there will be no export of crude oil from Uganda. We have to refine it here.”
To thunderous applause, he added: “If they want to build a pipeline, the oil can stay here. After all, it has been here for the last 20 million years.”

Opening the business forum at the Imperial Royale Hotel in Kampala, Museveni called on the delegates to invest in Uganda, especially in processing local materials.

“OIC members have benefited from exploration of petroleum and gas and accumulated financial surpluses which can be invested in Uganda so that we expand our GDP,” he said, urging them to assist each other to achieve common prosperity.

AllAfrica