The Tanzania Private Sector Foundation (TPSF) has urged Tanzanians to grab the opportunities that will be created in the upcoming Oil and Gas Conference that will be held in collaboration with Private Sector Foundation Uganda.
Dubbed the ‘Tanzania – Uganda Oil and Gas Symposium (TUOG)’ the event will assemble stakeholders from Tanzania and Uganda to strategize on the involvement of the private sector of the two countries in the execution of the East African Crude Oil Pipeline (EACOP) project. It is scheduled for 25th November 2021 in Dar es Salaam.
“It is expected that the 1,443km crude oil export pipeline that will transport Uganda’s crude oil from Kabaale to Tanga in Tanzania will bring massive opportunities for the Private Sector including; transportation, securities, food and beverage, hotel accommodation and catering, Human Resource Management, office supplies, Civil works, Finance, the supply of construction materials and many more services,” TPSF Executive Director Francis Nanai said in a statement issued on Thursday, November 4, 2021.
“The project has also reserved contracts for locals including fuel supply, land surveying, clearing and forwarding, crane hire, locally available construction materials, civil works, environmental studies and impact assessment and ICT services,” he added.
Nanai said the Symposium that will provide a platform for the private sector of the two countries to network, understand the industry opportunities and challenges, discuss areas of cooperation and showcase their capacities through experience –sharing, and interact with public sector actors on legal and policy matters that govern the industry, in both Uganda and Tanzania.
TUOG is organized with support from the Ministry of Foreign Affairs through its Uganda High Commission in Tanzania and the Ministry of Energy in Tanzania.
The theme of the symposium is “Enhancing Private Sector Participation in the Oil & Gas Sector.”
Nanai added that the symposium will identify key strategies that can enable partnerships and joint ventures between Ugandan and Tanzania private sector actors.
He said it will also facilitate public-private sector dialogue on issues that affect implementation of local content in the oil &gas industry projects and explore other avenues of collaboration for a sustainable Private Sector development of the two countries
This private sector led meeting will be a hybrid event which is expected to gather in person over 200 high-level private sector officials from Tanzania and Uganda and more than 2000 participants will follow the discussion virtually.
It is estimated that during just the construction phase of EACOP, Uganda and Tanzania will see an increase of over 60% in Foreign Direct Investment, and that the investment in the oil and gas projects shall total up to USD 20 billion, with the EACOP investment alone, at over USD 3.5 billion.