BusinessOil & Gas/Mining

Uganda signs US$10 billion oil deal

The deal also paves the way for the construction of a 1,440km (900 mile) oil pipeline from landlocked Uganda to the Tanzanian port of Tanga on the Indian Ocean

Chinese and French oil giants have signed a deal which could lead to US$10 billion of investment to develop oil fields in Uganda.

The deal also paves the way for the construction of a 1,440km (900 mile) oil pipeline from landlocked Uganda to the Tanzanian port of Tanga on the Indian Ocean.

It is estimated that Lake Albert, on Uganda’s border with the Democratic Republic of Congo, lies atop 6.5 billion barrels of oil.

Environmentalists are trying to block the project, saying it threatens fragile ecosystems and will lead to the displacement of tens of thousands of people.

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