KAMPALA – Rukiga County MP Hon. Patrick Kiconco Katabaazi has highlighted the major investments financed through Uganda National Oil Company’s (UNOC) US$2 billion loan facility, revealing that approximately Shs1 trillion has supported national road projects while US$461 million has gone towards petroleum-related obligations.
Kiconco made the remarks during a parliamentary engagement on Uganda’s petroleum financing and preparations for commercial oil production, under the Committee on Commissions, Statutory Authorities and State Enterprises (COSASE).
He explained that the financing facility has supported strategic infrastructure development alongside the country’s growing investments in the oil and gas sector as Uganda advances towards its first commercial oil production.
According to the legislator, approximately Shs1 trillion from the financing has been directed towards national roads, while US$461 million has been used to meet petroleum obligations associated with the country’s oil development programme.
The figures highlight the significant financial commitments government has undertaken to prepare the country for commercial oil production and strengthen infrastructure required to support the emerging petroleum industry.
Kiconco further noted that government expects Uganda to achieve its first oil production within the current financial year, marking an important milestone in the country’s long-awaited transition into an oil-producing economy.
He also revealed that discussions were underway to engage an international marketing firm that will help market Uganda’s crude oil on the global market once shipments begin through the port of Tanga in Tanzania.
The proposed arrangement is expected to support Uganda’s access to international petroleum markets and establish a marketing framework for its crude oil exports.
The developments come as Uganda intensifies preparations for commercial oil production, with major investments in petroleum infrastructure, financing arrangements and transportation facilities expected to play a critical role in unlocking the country’s oil resources.
Kiconco’s submission brings attention to the scale of financial commitments behind Uganda’s petroleum ambitions and the importance of ensuring that the investments translate into long-term economic benefits for the country.
