Business in brief

Power sector gets sh148b
The African Development Bank Group has approved a $78.13m (about sh148b) loan to finance a key power transmission line project. The lines are Mbarara-Nkenda and Tororo-Lira in western, eastern and northern Uganda respectively. They will enable the Uganda Electricity Transmission Company expand coverage of the national transmission grid to transmit power from the upcoming 85MW plants in Kaizo-Tonya where the early oil production scheme is planned.

Thermal plant extended
A last-minute decision to extend the 50MW Kiira thermal plant contract has averted a return to the 12-hour loadshedding schedule. The extension is due to delays in putting up a replacement plant. Eriasi Kiyemba, the Uganda Electricity Transmission Company boss, said: “We have no alternative but to extend the thermal plant’s contract.”

Invest in Third World – BMK
It is easier to invest in Third World countries like Uganda than in the developed world. The chairman of BMK Group of Companies, Bulaimu Muwanga Kibirige, said investment opportunities of developed countries have been exploited but there were still many opportunities in Third World countries and high returns.

1b oil reserves
Uganda’s oil and gas reserves in the Albertine Graben are about one billion barrels, Tullow Oil and Gas’ top engineer has disclosed. Nadeem Hashmi, the Tullow well engineering manager, said: “The region has about one billion reserves of crude oil, making the project commercially-viable.”