Museveni names Uganda's crude oil Pearl Sweet
Once it starts flowing, Uganda’s crude oil will be trading under the name Pearl Sweet, President Yoweri Museveni has revealed.
President Yoweri Museveni speaking. (Credit: Eddie Ssejjoba)
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Once it starts flowing, Uganda’s crude oil will be trading under the name Pearl Sweet, President Yoweri Museveni has revealed.
Museveni named Uganda’s crude oil during a ceremony held at the Kingfisher development area, one of the two major developments expected to soon usher Uganda into commercial oil production in Kikuube district.
“We call it sweet because it does not have sulphur. When it has sulphur, it is more expensive to remove the sulphur. This one either has little or no sulphur,” Museveni said.
Dr. Monica Musenero, the Minister of Energy and Mineral Development, explained that the Pearl Sweet name reflects low sulphur and that the name Pearl as applied to Uganda represents purity, innocence and the extreme care with which the Government has handled the development phase of the oil and gas industry, leaving it better than before.
“Our crude, especially from this area, has wax, making it one of the best crudes on the market,” Musenero said.
In this case, the chosen name 'Pearl Sweet' will represent Uganda’s crude oil as it competes with a constellation of between 150 and 200 competing blends on the international market.
The official name now becomes the identity under which the crude is traded internationally, supporting market recognition, quality differentiation and commercial value creation for market players.
A list of probable names was submitted to President Museveni for the final selection after a process that was led by the Government and the Uganda National Oil Company (UNOC).
The selected name is expected to embody the desirable characteristics, which will support the launch and introduction of Uganda’s blend, a new blend onto the global crude oil markets.
The name is expected to carry industry appeal, cultural relevance to Uganda, ease of pronunciation, global sensitivity and technical connectivity.
A named crude grade becomes a recognisable commodity in international oil markets. The name allows refiners, traders, shipping companies and analysts to identify and track Uganda’s crude among globally traded grades.
The name allows refiners, traders, shipping companies and analysts to identify and track Uganda’s crude among globally traded grades.
Following the launch of the crude name, UNOC and project partners will be able to advance buyer engagement, international crude marketing roadshows and outreach to different refineries, market intelligence activities and commercial negotiations with interested parties.
According to officials, the naming ceremony also enhances global visibility by introducing Uganda’s crude to the international energy community and creates media visibility around the upcoming first exports.
Additionally, it creates a distinct brand that becomes a long-term national energy brand associated with Uganda’s petroleum industry.