Uganda has successfully landed Iran’s help to develop its energy sector, especially oil and nuclear, through either sharing of technology or direct financing of projects.
Faced by lack of funding in key areas within the oil sector like construction of a refinery in the oil-rich Albertine region, President Yoweri Museveni extended an invite to his Iran counterpart Ebrahim Raisi to consider investment in the Uganda oil refinery project.
Read: Uganda courts Iran for its oil sector development
At a meeting at Statehouse Entebbe Wednesday, President Museveni told President Raisi that his choice of Iran was informed by its experience in building refineries and development of the petrochemical industry.
The call comes at the time when western countries and rights groups are exerting pressure on financiers globally not to fund an oil pipeline and refinery Kampala is supposed to build over environmental and human rights concerns.
The refinery is expected to cost between $4 billion and $5 billion.
President Raisi said Tehran was ready to share and work with Uganda to develop its oil industry.
They are also discussing sharing knowledge on nuclear energy development with Iran among countries being considered to build Uganda’s first nuclear energy plant t for industrialisation.
Read: Energy sector seeks financing solutions tailored to Africa’s needs
During the meeting, other MoUs on agriculture and visa-free travels for holders of diplomatic and service passports were signed, cooperation on security matters and the fight against terrorism.
Source: The East African
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