M a r k e t N e w s

EAC partner states urged to co-operate in developing regionís nascent oil, gas sector

Posted on : Tuesday, 10th March 2015

 

 
NAIROBI: East African Community ( EAC) countries have been asked to co-operate in the development of the region’s nascent oil and gas sector.Rwandan Prime Minister Anastase Murekezi said co-operation between the Partner States was the surest way to develop the region’s enormous energy and natural resources. He said collaboration should focus on petroleum exploration, production, refining, storage and pipeline development for product transportation.
 
“It is only through taking up a bold regional approach that EAC can develop the infrastructure that a single country cannot afford as they require lots of money,” said Murekezi.
 
“Our dream is seeing in East Africa, a vibrant economy that will eventually be exporting refined petroleum products to the world market, not just raw crude, and we must be motivated to achieve this,” he added.
 
Murekezi was speaking at the Seventh East African Petroleum Conference and Exhibition in Kigali, Rwanda. The three-day conference is held biennially. The premier said the EAC’s dream of developing the oil and gas sector can be efficiently realised if partner states adopt new technologies that will produce energy in a more environmentally friendly and sustainable way
Murekezi singled out the enabling environment for business and investment that EAC has set up as one of the tools that would facilitate the growth of the oil and gas business in the region. He said EAC has established a Customs Union and Common Market to facilitate free movement of goods among the Partner States.
 
Rationalisation and technological improvements in cargo weigh bridges, reduction of police road blocks and introduction of One-Stop-Border-Posts are contributing to faster and cheaper delivery of goods from source to destination,” he said.
 
“In addition, the dwell time at the Ports of Mombasa and Dar es Salaam that have dropped from 20 days to an average of 5.7 days and transit cargo to Kigali that was reduced from 21 days to between five and seven days will also help to boost the oil and gas sector.”

Source : IN 2 EAST AFRICA
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