Oil companies are calling on the President to assent to laws

Oil companies and the business community are calling on the President to assent to laws that will govern the oil and gas industry.

Following the passing of the East African Crude Oil Pipeline (EACOP) Bill by parliament last week, there was excitement and hope for the pipeline project construction to commence.

However, the Bill is yet to get the President’s Assent.

Other pieces of legislation include the Public Finance Management (Amendment) Bill and the Income Tax Amendment Bill 2, which were debated and passed by parliament this week and await the Presidential Assent.

Barbara Nabuweke, the Head of Contracts and Negotiations at the Uganda National Oil Company (UNOC) says the EACOP FID is due this month and any delays will affect the ability of the shareholders to get financing for the project to commence.