Petroleum Africa
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Tuesday, August 30, 2016
Uganda has allocated more than $55 million to the implementation of programs for the development of the country’s oil and gas resources, according to Finance Minister Matie Kasaija’s 2016/2017 budget speech.
Uganda will establish a local content fund to facilitate the financing of domestic enterprises participating in the oil and gas market. This local content fund is laid out in Uganda’s National Content Policy for the Petroleum sub-sector. This commitment is contained in the recently released National Content Policy for the Petroleum sub-sector.
Kasaija noted that the fund will also support institutional and skills development, including operationalizing the National Petroleum Authority and the establishment of the Uganda National Oil Company.
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