M a r k e t N e w s

Tanzania: Oil, Gas Sector Attracts UAE Investors

Posted on : Thursday , 17th March 2022

TANZANIA'S participation in the Dubai Expo 2020 has paid off as the country has attracted a number of international companies that have shown interest to invest in the oil and gas sector.


Some of the areas that have attracted foreign companies include supply of natural gas, construction of the Compressed Natural Gas (CNG) stations, and construction of pipelines as well as participation in the oil and gas exploration.


The Tanzania Petroleum Development Corporation (TPDC) Managing Director, Dr James Mataragio, said told journalists on 2nd March 2022 that the companies have also shown an interest to invest in fertilizer plants.


"Some of them have shown interest to venture in the gas processing and export it to outside the country," he noted, saying this was the results of an energy symposium that was held in Dubai in the United Arab Emirates (UAE) on 27th February 2022.


The symposium was attended by over 200 companies from different parts of the world where the Tanzania delegation was led by Minister for Energy January Makamba who was accompanied by some senior officials and heads of institutions under the ministry.


Also, during the expo TPDC signed an agreement with the Abu Dhabi National Oil Company (ADNOC) entailing the petroleum bulk procurement process with the aim of reducing the prices of fuel and bringing relief to problems relating to securing fuel.


According to Dr Mataragio, through the signed agreement ADNOC will participate in oil exploration in the upstream, midstream and downstream, capacity building, among other things covered in the pact.


The TPDC boss was optimistic that the country is in a good position to keep attracting foreign investors given the fact that the country has a conducive environment of business and investments.


"Moreover, we have discovered gas that attracts investors," he said, insisting that the government is doing all it takes to increase Foreign Direct Investments (FDI's) through the energy sector.


Dr Mataragio also spoke of the progress attained so far in the construction of the 1,443 km long of the East African Crude Oil Pipeline (EACOP) from Hoima in Uganda to Chongoleani, Tanga in Tanzania.


In early of last month, Vice President Dr Phillip Mpango represented President Samia Suluhu Hassan in Uganda to witness signing of Final Investment Decision (FID) that paves a way for kick-of the project.


The project will be constructed and operated through a pipeline company with shareholding from the Uganda National Oil Company (UNOC), TPDC, TotalEnergies and the China National Offshore Oil Corporation (CNOOC).

Source : www.abafnz.com
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