Issued by: Petroleum Authority of Uganda
The Petroleum Authority of Uganda on Tuesday signed a memorandum of understanding with the Stanbic Business Incubator Ltd and other partners to increase the competitiveness of over 200 Ugandan enterprises should they apply for contracts in the oil and gas sector.
The consortium, led by SBIL, includes Conexus Oil and Gas, Solid Rock Life & Business, and Living Earth Uganda. It will train 200 small and medium-sized enterprises in ten districts along the East African Crude Oil Pipeline route. The districts are Hoima, Kikuube, Kakumiro, Kyankwanzi, Gomba, Mubende, Lwengo, Sembabule, Kyotera, and Rakai.
The business development training is one of three components of the business linkages projects being implemented by the petroleum authority with support from the African Development Bank.
It also comes at an opportune time, soon after the announcement of the final investment decision for Uganda’s oil and gas projects. The sanctioning of the projects will unlock close $10bn in investments for the Tilenga and Kingfisher oil fields, as well as the pipeline to the Tanzanian coast.
Speaking at the signing of the contract, Ernest Rubondo, the executive director of the petroleum authority, said the oil and gas sector has moved from scarcity to a season of plenty of opportunities for Ugandan companies.
The petroleum authority also signed a memorandum of understanding with the Private Sector Foundation of Uganda aimed at enhancing private sector participation in the oil and gas sector at the event.
Stephen Asiimwe, the chief executive of the PSFU, said the partnership was vital in the struggle against youth unemployment.
About the Petroleum Authority of Uganda and the Stanbic Business Incubator
The Petroleum Authority of Uganda is tasked with monitoring and regulating the exploration, development, and production of oil and gas Uganda. This includes ensuring that petroleum operations are carried out in accordance with the relevant laws, regulations, guidelines, statutes, and in line with international best practices for the oil and gas industry. The PAU is also required to monitor national participation in the sector.
The Stanbic Business Incubator trains and facilitates small and medium scale enterprises to build resiliency, access ready markets, finances, and other business support resources. Since its founding in 2008, the incubator has trained 3,234 Ugandan entrepreneurs from 2,007 small and medium-sized enterprises.
