Tuesday, April 13, 2010

Tamoil To Sign $300 Million Final Investment Decision Next Week


Officials of Tamoil East Africa Limited, and members from Kenya and Uganda are to meet in Kampala on April 19, and probably sign the Final Investment Decision (FID). The FID remains the only missing paper work that is needed for construction on the pipeline to begin. The pipeline will go through nine districts in Uganda. In the picture is Habib Kagimu, the Chairman of Tamoil.
However, Striking Deals can reveal that there is high tension between top officials of the Libya backed Tamoil and Uganda’s Energy Minister, Hilary Onek, over the latter’s comments that Tamoil had failed to start work and was offering petty excuses for the delay.
Tamoil has also revised the cost of the project from the $78.2 million that it quoted when it bid for the project in 2006 to $300 million.

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