Ugandan president emphasizes wise use of oil revenues

Kampala (Uganda), May 21: Ugandan President Yoweri Museveni on Thursday said oil revenues must be invested in avenues that create jobs and wealth.
Museveni, according to a State House statement, was in Tanzania to witness the signing of the Host Government Agreement between Tanzania and the oil companies going to construct an oil pipeline from the oil wells in Uganda to the Tanzanian seaport of Tanga.
Uganda and Tanzania have signed a series of agreements with oil companies to construct the 3.55-billion-U.S.-dollar East African Crude Oil Pipeline, which will be the longest electrically heated pipeline in the world.
The Ugandan president said since oil is an exhaustible resource, revenues from it should be used to build the infinite resources in sectors that drive jobs and wealth creation, adding that there is a need to develop infrastructure.
He said the oil pipeline project will not only benefit Uganda and Tanzania but the entire Great Lakes region.
"The pipeline is a very important regional project, Tanzania and Mozambique have gas and the corridor can be used to take another pipeline for gas to help countries in the Great Lakes region with the resource," Museveni said.
Source: Xinhua