M a r k e t N e w s

Grab opportunities in oil, gas, companies challenged

Posted on : Saturday, 3rd September 2016

 Dar es Salaam — Experts have called upon Tanzanian companies to grab opportunities available in the discovery of helium gas and construction of oil pipeline and the Liquefied Natural Gas (LNG) Plant as the projects have potentials to boost Tanzania economy.

This was revealed yesterday during the Tanzania Oil and Gas Suppliers Conference (TOGSC) that brought together local and foreign players with other stakeholders in the industry to discuss opportunities and challenges in the sector.
Dr Gideon Kaunda, a board member of TCCIA Investment Company said energy demand is very high in the country and the local suppliers are in good position to grab the opportunities from the ongoing projects.
"Local suppliers should take proximity advantage to the oil pipeline in Tanga, and helium and LNG plant projects to supply in areas which energy is not yet connected," he said.
According to him, natural gas business to the local people is a new hope that everyone should aim at regardless the hardship to run it.
On his side, the lecturer from the Accounting and Finance department of the University of Dar ss Salaam Business School (UDBS) Dr Henry Chalu said local authorities should be careful when inviting foreign investors to the sector.
According to him, the government should consider direct and indirect benefits to the local people before signing any project agreement.
"I suggest local authorities to create public awareness about the oil and gas projects which have been and will be signed on future," Dr Chalu said.
Meanwhile, the chairperson of Tanzania Women Chamber of Commerce Ms Jacqueline Maleko mentioned capital as the major challenge to the local suppliers.
She called the financial institutions to reduce the lending interest rates for the local investors to borrow more.
"The government and financial institutions should look at the possibility to review the interest rates on loans so that companies may borrow more to run oil and gas businesses," she said.

Source : www.thecitizen.co.tz
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