The Tanzanian President Samia Suluhu Hassan has expressed confidence that the East African Crude Oil Pipeline (EACOP) project will not only generate revenue for both Uganda and Tanzania, and the East African Region but also strengthen partnership between two East African nations.
Suluhu made the remarks at the signing of the Tripartite Agreement for the construction of the East African Crude Oil Pipeline (EACOP) that will begin from Hoima District in Uganda up to the Port of Tanga in Tanzania.
After completion, the 1,445km heated crude oil pipeline will be the longest on earth.
The Agreement was signed by Ugandan President Yoweri Museveni, his Tanzanian counterpart Samia Suluhu Hassan and Total E &P which is the majority shareholder in Uganda’s oil exploration.
“The signing of the agreement is an auspicious occasion not only for Uganda and Tanzania, but also for the East African Region. This project will have an impact on social economic development and geo strategic dynamics. The project will yield revenues to both countries while creating short and long term employment for both highly skilled and semi-skilled professionals,” said President Suluhu.
Apart from social economic benefits, Suluhu said that the project will stimulate trade and investment, and also unlock East African Oil potential that will attract more investors.
“This project will strengthen strategic Partnership and Cooperation between our two brotherly Countries, and in addition, it will forge further the regional integration and people’s interaction. It is my firm belief that this project once completed will be an advantage to both our countries and our region at large,” she said.
Her remarks must have made her Ugandan counterpart Yoweri Museveni excited since the latter has for long been calling for the integration of the East African Region.
Meanwhile, Suluhu noted that there are still pending issues, and called on all parties to have them addressed.
She noted that the East African Region is blessed with abundant resources, and in order to successfully exploit these resources, Suluhu said that there is need for quality infrastructure.
Without quality infrastructure, the economic development, she said, “will just be a myth.”
She expressed comfort that both Uganda and Tanzania have embarked on building quality infrastructure.
“Apart from the pipeline, we have embarked on the construction of roads, ports, airports and railways as well as power plants to generate electricity. This is indeed a significant step in the right direction,” she said.
She called on other countries in the region to continue building infrastructure and projects that will spur the economic growth of the East African Region.