Thursday May 27 2010

UIA invites Libya to invest in the oil sector

By Ismail Musa Ladu

Kampala

Dr Maggie Kigozi, the executive director of the Uganda Investment Authority, has asked Libyans to invest in oil exploration and drilling.

While meeting the Libyan Ambassador to Uganda, Mr Abdalla Bujeldain and the visiting Chairman of Libya’s Tropical Bank, Dr Bait El-maal, in Kampala early this week, Ms Kigozi said the newly-discovered oil deposits in western Uganda present opportunities that need to be exploited by the likes of Libya who not only have the resources but also the necessary technology. She said the country has the necessary experience and expertise to manage the country’s virgin petroleum sector. “We are looking for more capacity to explore oil, build refinery for oil by-products, so our petroleum sector is looking at you and how you can guide with your experience,”Ms Kigozi told the Libyans.
Mr El-Baait and Mr Bujeldain said Libya can change the face of Uganda’s petroleum given its experience and expertise in this field but stressed that protocol should be followed to actualise such programmes.

Dr Kigozi also talked about investment opportunities in other sectors including manufacturing, agro processing and dairy farming among others. She said such sectors are available for Libya to invest in as well. The two Libyans called on the investment body to organise a delegation to visit Libya in the later part of the year, to among others work out modules of promoting the banking and tourism sectors among the two countries.

In Uganda, Libya already boosts of investments in telecommunication, housing sector, and banking among others. It is also constructing the Uganda-Kenya oil pipeline. Mr El-Maal is in Uganda to attend the Annual General Meeting of the Tropical bank, which is due this week as the bank maps out channels to expand its activities and influences beyond borders. According to UIA, Libya comes second among the top 10 countries that lead in Uganda’s direct foreign Investment.

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