President Museveni has described the signing of the East African Crude oil pipeline project, EACOP on Sunday as a triple victory for Uganda and Tanzania both economically, politically and militarily.
On Sunday, President Yoweri Museveni and Tanzania’s Samia Suluhu Hassan and other stakeholders including; Total E&P and CNOOC signed three key agreements paving way for the implementation of the proposed East African Crude Oil Project, EACOP.
The historic event for the $3.5 billion project took place at state house Entebbe.
The key agreements signed include; the Host government agreement between Total E&P and governments of Uganda and Tanzania , the shareholders agreement between all the shareholders plus the Tariff and transportation agreement.
Speaking during the signing ceremony, Museveni said he is satisfied that the project will make a modest contribution to the development of Tanzania much as it will not compensate for what they did to liberate Uganda from Amin.
He says much as Kenya is Uganda’s brother country, Tanzania played a unique role for Uganda.
“Forty two (42) years ago, this same day, is when the Tanzanian troops of 20 Division captured Kampala and enabled a Ugandan Army officer, Oyite Ojok, to announce the fall of Idi Amin on Radio Uganda,” he said.
“At that very moment, with my rapidly growing Fronasa troops, operating with another TPDF division, the Task Force division under Major-General Silas Mayunga, I was on the Mbarara Front, the 20 Division was under General Munguri.
Today, therefore, is a triple victory for Tanzania and Uganda: military, political and economic,” Mr Museveni added.
He meanwhile said the oil pipeline will be key in the discovery of more oil reserves in the Albertine region and Karamoja.
According to Museveni, the project will also be instrumental in the development of the East African region and Africa at large.
He said “This project should, in addition to what we have said, serve to awaken all Africans that prosperity and strategic security are only possible if we use the Pan-Africanist approach that gives us a bigger market and rationalizes economic linkages. “