On August 17, 2023, at State House-Entebbe, President Yoweri Kaguta Museveni met with a group from Stabex International led by their Executive Director, Mr. Jack Chebet.
With an unbroken dedication to innovation and environmentally friendly marketing, Stabex International is one of the innovative and progressive organizations that is reshaping the fuel and gas business in Uganda and the rest of Africa.
President Museveni and Stabex International representatives talked about potential investment opportunities outside of the oil and gas industry.
To add value to Uganda’s raw materials, President Museveni inspired the corporation to engage in the manufacturing and processing industries.
“The Wananchi are the out-growers, but if you’d like to get involved in dairy processing, we can try to find you some property to build a demonstration farm on. Start with the processing and work your way backward because a lot of Ugandans engage in their own farming. President Museveni informed the representatives who expressed interest in investing in Uganda’s agriculture industry, “That is a better approach to factor in out-growers.
Mr. Chebet informed the President that Stabex International offers a special investment opportunity that ensures value in Uganda and outside while promising significant development possibilities.
“Your Excellency, Stabex International is a Pan-African company whose regional headquarters are in Nairobi, Kenya, but we are thinking that as soon as possible when we start producing our oil in Hoima, our headquarters might move here so that we are able to distribute to a larger East and Central Africa from here,” he said.
“Here in Uganda, we have a significant regional presence. We are everywhere in Uganda. We did this to increase pricing stability and the consistency with which petroleum goods reach all areas of Uganda. Over 100 stations are located all over Uganda.
In addition, Mr. Chebet said that over the past ten years, the company has invested more than $100 million in Uganda, and over the next 18 months, it would invest an additional $40 million in a variety of initiatives there.
He also disclosed to the President their plans to build a cylinder manufacturing facility in Uganda.
“We aim to build a cylinder manufacturing facility to encourage import substitution and give Ugandans job opportunities. We would be quite grateful if land could be provided for us to build this plant in one of the industrial parks. When the oil refineries are operational, we also aim to build a facility for lubricants. This will enable significant foreign exchange savings. We are really prepared to make an investment in that area, said Mr. Chebet.
He also let the President know that they are thinking about making investments in large-scale agricultural product production.
“We have participated in numerous farm projects for more than ten years, and we have the capacity and industry knowledge to do so. In order to start a project in a bigger scale, we need your help.
On the other hand, Mr. Chebet commended the President for the nation’s stability and favorable business climate, which under his innovative and energizing leadership have allowed organizations like Stabex to make significant strides.
President Museveni praised the concept of establishing a cylinder manufacturing facility in Uganda before tasked Vice President H.E. Jessica Alupo with providing the company with all essential support to guarantee that they achieve their objective.
“Don’t worry about the expense of the electricity. To reduce operating costs, we are lowering it to 5 cents for manufacturing, according to President Museveni.
Vice President Jessica Alupo, H.E., was present at the meeting as well.
