Uganda, Tanzania sign $3.5bn deal with global oil firms

– – The governments of Tanzania and Uganda on Sunday signed a long awaited oil deal with international oil firms—French Total E&P, and China’s Cnooc. The deal worth some $3.5 billion gives way for the commercialization of an East African Crude Oil Pipeline (EACOP). Officials of both countries and the oil firms have been engaged in years of protracted negotiations. This new deal now allows for the oil project for the next phases of development and production by earliest 2025. The 1440km export pipeline stretches from Western Uganda to the…

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