Thursday, 25/05/2017 16:52 (GMT+7)
Tanzania President John Magufuli and his Uganda counterpart, Mr Yoweri Museveni have signed an agreement on the laying of an oil pipeline from Hoima in Uganda to Tanga port.
Photo for illustration (Source: AFP/VNA)
The East African Crude Oil Pipeline (EACOP) is proposed to transport crude oil from Uganda’s oil fields to Tanga, Tanzania, a port on the Indian Ocean.
The project will cost USD3.5 billion, with USD3 billion for the construction of the pipeline on the Tanzanian side.
The 1,443 kilometres long pipeline will transport 200,000 drums of oil per day and will generate between 6,000 to 10,000 jobs during construction.
The project will also strengthen diplomatic relations between countries, and improve business as well as offer investment opportunities to local construction companies.
Mr. Magufuli said Uganda and Tanzania have laid a foundation stone for the project, and expressed the hope that the good relationship between the two countries would continue./.
Compiled by BTA