China eyes oil refinery in Indian Ocean
Jun 17, 2009
THE Industrial and Commercial Bank of China (ICBC) is interested in building an oil refinery and pipeline to the Indian Ocean, the chairperson, Jiang Jianqin, has said.
By Vision Reporter
THE Industrial and Commercial Bank of China (ICBC) is interested in building an oil refinery and pipeline to the Indian Ocean, the chairperson, Jiang Jianqin, has said.
Meeting President Yoweri Museveni yesterday, Jianqin, who led a delegation from the Chinese bank and Stanbic Bank, said his institution was also keen on developing hydro-power stations, construction of power transmission lines and roads.
Speaking at the Entebbe International Airport’s VIP Lounge, Jianqin also said the Chinese bank wanted to develop the agricultural sector, a State House release said.
ICBC is the largest bank in the world and owns a stake in Standard Bank of South Africa. Standard Bank of South Africa is the majority share holder in Stanbic Bank Uganda.
The statement said the President pledged support to the ventures, saying the investments would boost the economy.
He urged the investors to explore other investment opportunities in Africa.
In a separate engagement, the President met officials of the China Heavy Machinery Corporation, which also expressed interest in the construction of hydro-power dams, ports and railway lines.
Museveni, who assured the investors of support, urged the delegation to consider building a fertiliser plant and an iron ore industry.
Later, the President left for Berlin, Germany, on a three-day working visit.
Accompanied by his wife Janet, he is expected to meet the President of Germany, Horst Kohler, and hold talks with the parliamentary committee on East Africa.
The State House said discussions with the committee would centre on the fast-tracking of the East African Federation.
The President is also scheduled to meet leaders of the German Christian Democratic Union and address the annual Berlin Gathering, an inter-faith conference.
Other engagements include an international prayer breakfast which he will attend with the First Lady.
THE Industrial and Commercial Bank of China (ICBC) is interested in building an oil refinery and pipeline to the Indian Ocean, the chairperson, Jiang Jianqin, has said.
Meeting President Yoweri Museveni yesterday, Jianqin, who led a delegation from the Chinese bank and Stanbic Bank, said his institution was also keen on developing hydro-power stations, construction of power transmission lines and roads.
Speaking at the Entebbe International Airport’s VIP Lounge, Jianqin also said the Chinese bank wanted to develop the agricultural sector, a State House release said.
ICBC is the largest bank in the world and owns a stake in Standard Bank of South Africa. Standard Bank of South Africa is the majority share holder in Stanbic Bank Uganda.
The statement said the President pledged support to the ventures, saying the investments would boost the economy.
He urged the investors to explore other investment opportunities in Africa.
In a separate engagement, the President met officials of the China Heavy Machinery Corporation, which also expressed interest in the construction of hydro-power dams, ports and railway lines.
Museveni, who assured the investors of support, urged the delegation to consider building a fertiliser plant and an iron ore industry.
Later, the President left for Berlin, Germany, on a three-day working visit.
Accompanied by his wife Janet, he is expected to meet the President of Germany, Horst Kohler, and hold talks with the parliamentary committee on East Africa.
The State House said discussions with the committee would centre on the fast-tracking of the East African Federation.
The President is also scheduled to meet leaders of the German Christian Democratic Union and address the annual Berlin Gathering, an inter-faith conference.
Other engagements include an international prayer breakfast which he will attend with the First Lady.