A high-level breakfast meeting with the theme “The Future of Oil and Gas in Uganda: A Call to Empower a New Era” was hosted by financial services provider KCB Bank Uganda at the Sheraton Hotel.
Uganda wants to be a major player in the global oil and gas market; thus, the engagement brought together important players in the energy sector to discuss prospects, obstacles, and financial needs.
The East African Crude Oil Pipeline (EACOP), the biggest infrastructure investment in the region, and Uganda’s preparations for its first oil production from the Tilenga and Kingfisher oilfields are being discussed at the same time.
KCB Bank Uganda’s managing director, Mr. Edgar Byamah, emphasized the bank’s dedication to assisting Uganda’s energy transition and the whole oil and gas value chain during the occasion.
“The oil and gas industry presents a game-changing chance for Uganda’s economic development. We at KCB are well-positioned to offer advising, treasury management, and finance services to companies hoping to be successful in this industry. We also recognize how critical it is to advance sustainability by funding green finance projects and renewable energy sources,” Byamah said.
Leading industry professionals participated in a panel discussion at the event, including Tom Ayebare Rukundo, Manager of Economic and Financial Analysis at the Petroleum Authority of Uganda (PAU), who talked about Uganda’s significant progress in creating a framework for the industry’s operations and regulations.
“Uganda’s oil journey is at a turning point. In order to guarantee value creation for Ugandans, we must promote cooperation between regulators, operators, financiers, and service providers since the first oil is expected this year,” Rukundo said.
“For the purpose of filling funding gaps and improving local involvement in the industry, partnerships like the one with KCB are crucial.”
In his remarks, Tony Serubiri, Commissioner of the Directorate of Petroleum, Ministry of Energy and Mineral Development, promoted responsible investments and strategic alliances for Uganda’s energy future.
“Oil and gas should prioritize empowerment in addition to extraction. We admire the proactive roles that financial institutions like KCB Bank play in facilitating meaningful business engagement along the value chain, especially for local enterprises. By doing this, we can increase our country’s capability, encourage inclusive growth, and give many people access to jobs.
The KCB tax bridge loan, an unsecured short-term option created to keep the oil and gas industry operating regardless of future tax needs, was presented and launched by KCB Bank during the event.
To increase liquidity and output, all oil and gas companies can now obtain unsecured loans to pay URA directly.
ability with adjustable terms. Up to Shs4 billion is available to businesses with a 30-day duration, 16.5% annual interest, no collateral, and no delays.
Commodity finance, a collateral management solution that is crucial for oil marketing companies, was the other product introduced. It will allow for bulk purchases and upfront payment (zero credit extension from UNOC) for the downstream sector, which is currently the biggest pain point.
Representatives from the Uganda Chamber of Mines and Petroleum, Uganda National Oil Company (UNOC), and the Ministry of Energy’s Petroleum and Mining Division were among the other notable guests.
The gathering provided a useful forum for fostering communication, opening doors for investment, and forging alliances that will shape Uganda’s oil and gas industry’s future.
