THE high demand for multi services needed in the Oil exploration areas has prompted a Democratic Republic of Congo company, Sun Africa to stake up to $50m
By Patrick Jaramogi
THE high demand for multi services needed in the Oil exploration areas has prompted a Democratic Republic of Congo company, Sun Africa to stake up to $50m (shs129b) in infrastructural development in the Albertine Graben.
Paul Politi the President Sun Africa on Tuesday said that they are in the country to partner with leading multi-national oil firms in Uganda to boost development and foster trade between DRC and Uganda.
Following the regional integration and entrance into the C0MESA market, new market has emerged in Southern Sudan and eastern DRC where billions of shillings has been registered in trade exports to the regions.
“With oil discovered in Uganda, trade relations will be boosted further with infrastructural developments along the Albertine region. We are investing $50m in these developments,” said Politi.
He noted that Sun Africa is looking to partner with Ugandan companies and to construct a $ 3m airport. Politi said with the oil business, investors will need to fly for quick business transactions.
He said an additional $8m will be injected in construction of a seaport to facilitate transportation of oil from Hoima drilling fields to DRC.
“It takes us several days to get fuel from Kenya. It is 2800 kilometers to Kinshasa, yet it is just a few hours to Uganda. Once we develop these infrastructures business will boom in the eastern Ituri province,” he said.
Politi said the firm is also constructing a $4m luxury hotel to boost tourism along the Albertine Graben.
‘Currently all people from Eastern Congo importing from Dubai and China travel through Entebbe airport because it is nearer than Kinshasa. With the airport along Lake Albert, air movements between eastern DRC and Uganda will be eased,” he said.
Politi said opportunities will be raised to boost business in Lake Albert region and the Oil areas in eastern DRC.
Findings have indicated that Uganda has over 3.5 billion barrels in reserves while DRC has is in the process of exploration.
‘With the airfield in place, equipment and merchandise will be airlifted in cargo planes from Uganda within hours to serve the over seven million population in Ituri province,” he said.
John Rutarwa the Vice President Sun Africa said with infrastructure developed, fish that is harvested in tons on the DRC side of Lake Albert will be flown through Entebbe to Europe.
He said with the booming oil business, tourism is set to grow in the region between the two countries. “Apart from easing trade and boosting regional tourism, the infrastructural developments will also increase employment opportunities for Ugandans. We shall develop schools health centers, provide clean water as well as electricity,” he said.
Francis Koluo the Principal Commercial Officer Ministry of Trade observe that with the trade pattern getting more complex in the region, it is only imperative that Uganda seeks the vast un tapped market in DRC and Southern Sudan.
“So far the biggest volume of Uganda’s export in terms of agricultural produce is sold in Southern Sudan. So if eastern DRC is opening up, that is more good news for Ugandan traders to make money,” said Koluo.
Sun Africa injects $50m in Albertine Graben development