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Oil: Uganda-Tanzania Sign Final Investment Decision – Taarifa Rwanda

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Uganda and Tanzania have entered a very busy stage as both countries look towards finalising all necessary paperwork for the oil sector.
Tanzania’s Vice President HE. Philip Isdor Mpango, flew to Kampala early today ahead of the signing of the Final Investment Decision by the Joint Venture Partners.
Final investment Decision [ FID] is the point in the planning process for Capital Investment projects when the decision to make major financial commitments is taken and major contracts are signed and equipment orders are placed.
The oil production project is expected to employ over 60,000 people and is expected to unlock U$15 billion into Uganda’s Economy and accelerate the socioeconomic transformation of Uganda.
“This is a day we are committing to invest $10 billion in the Uganda oil project, mainly the East African Crude Oil Pipeline Tilenga Project and Kingfisher Projects before the first oil in 2025,” said TotalEnergies, Patrick Pouyanne.
Uganda is expected to produce 230,000 barrels of oil per day (at peak). Over $10 billion to be invested in the economy
According to the government of Uganda, “When the Final Investment Decision is signed, our Oil and Gas sector is expected to increase employment of Ugandans. Companies will directly employ about 14,000 people, Indirectly, about 45,000 people will get employed by the contractors.”
Uganda is expected to produce 230,000 barrels of oil per day (at peak). 57% of the  jobs will go to Ugandans. The direct employment of over 14,000 individuals is expected to create a total of USD. 48.5 million annually. First Oil drop out of the ground is expected in 2025.
It also said Uganda has made significant strides in promoting National Content. The main objective of the country for national content in the oil and gas sector is to achieve in-country value creation and retention whilst ensuring competitiveness, efficiency,& effectiveness.
The historic Final Investment Decision for Uganda’s oil  and gas projects comes after 15 years since the country announced commercially viable resources.
Rwanda-UAE Trade Valued Over $900 million
Camel Racing, Rwanda Heroes Day Featured at Dubai EXPO

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Trade between Rwanda and the United Arab Emirates has reached impressive levels since the two countries established contact.
Diplomatic relations between the Republic of Rwanda and the United Arab Emirates were established in 1995.
According to details, trade between the UAE and Rwanda as of 2020 was valued worth U$900 million in total trade. Trade between two countries growing ten-fold between 2010 and 2020, and almost three-fold from 2018 to 2020.
Speaking at the Dubai Expo 2020 on Wednesday, Rwanda’s Prime Minister Dr. Edouard Ngirente revealed that trade with UAE accounted for almost 20% of Rwanda’s trade globally in 2020.
“It is important to continue creating platforms such as this Business Forum to collectively share insights and opportunities that will enhance the trade and investment between our two countries,” Prime Minister Dr. Ngirente.
However, the Prime Minister said that the covid-19 pandemic has inflicted devastating effects on the Rwandan economy.
“Rwanda like the rest of the world was not spared from the negative impacts of the Covid-19 pandemic. The pre-covid-19 economic growth trend was disrupted and pushed down to a contraction of 3.4% in 2020 from 9.5% growth rate in 2019,” he said at a fully packed venue.
According to him, Rwanda registered an impressive growth rate while recovering from covid pandemic with an estimated at 10.2% and targets more recovery, projected at 7.2% in 2022 and 7.9% in 2023.
In anticipation for a brighter future, Dr.Ngirente said, “We are starting to look past the pandemic and towards the reconstruction and recovery of our economy.”
 
The Dubai Expo 2020 kicked off on 1 October 2021 and will swing through to 31 March 2022.
A national day is dedicated to each participating country and Rwanda which observed the National Heroes day on Tuesday has used this chance to showcase her Tourism and investment potential worth tapping into.
Rwanda has also planned a two-day business forum [February 2 and 3], to showcase business opportunities in the country and foster partnerships between local and international investors. Participants included Rwandan private sector representatives as well as top UAE and Dubai-based companies and business leaders.
Over 192 countries are boasting their best bits for six months, every country is desperate to stand out, which is why every country is also given one day – and one day only – to be the star of the show.
 
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As Rwandans on Tuesday celebrated the country’s heroes, far away in the United Arab Emirates, Rwanda was incredibly featured at the Expo 2020 Dubai.
Expo 2020 is a World Expo, currently hosted by Dubai in the United Arab Emirates from 1 October 2021 to 31 March 2022. Originally scheduled for 20 October 2020 to 10 April 2021, it was postponed due to the COVID-19 pandemic.
Rwanda has a distinct pavilion at this prestigious expo and is showcasing its Tourism and investment potential worth tapping into.
Over 192 countries are boasting their best bits for six months, every country is desperate to stand out, which is why every country is also given one day – and one day only – to be the star of the show.
Yves Iradukunda, Rwanda’s Commissioner-General for Expo 2020 Dubai, a national day is dedicated to each participating country with an event themed to celebrate that particular country.
Rwanda has also planned a two-day business forum [February 2 and 3], to showcase business opportunities in the country and foster partnerships between local and international investors.
The Rwanda Pavilion takes visitors through the nation’s full, unvarnished story, from colonial times to the 1994 genocide to the present day, in which the process of reconciliation has turned the country into a beacon of hope.
Attractions include immersive exhibits on Rwandan history, a virtual-reality installation showcasing the nation’s technological advancements and a café in which to reflect on the experience.

Camel Racing
Quite interesting this Expo that has had more than 11 million visitors since it opened. Unlike in previous editions, this one has propped up the ancient camel racing  traced as far back as the seventh century.
Camel racing played only an informal role in Emirati society; infrequent events that marked celebrated social gatherings like weddings and birthdays. Nowadays there is a formalized camel racing season and breeding winners is big business.
In recent times, camel racing has become a traditional sport in the UAE and preparing a camel to race takes effort and time.
Camels are able to start racing at the age of three – their racing careers last in between 2-3 years for males and females normally race for a few years longer.
It takes about three months to train a camel for an important race and they are either trained by their owners or professional trainers.
During training, camels are required to exercise as well as eat a special diet which consists of oats, bran, dates and cow’s milk. These camels are treated like athletes in preparation for races.
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A total revenues of USD 158,538,598 was registered from exportation of agricultural products, representing an increase of 39% compared to the same period in 2020/2021 fiscal year, where revenues generated were USD 114,054,060.
Export revenues from traditional commodities (coffee, tea and pyrethrum) increased by 36% to USD 63,756,967 from USD46,851,502 in 2020/2021 fiscal year. The non-traditional commodities export revenues increased by 41% to USD 94,781,631 from USD 67,202,558 in 2020/2021 fiscal year.
Export revenues from tea sales increased by 25.5%, to USD 23,671,779 from USD 18,853,622 generated in 2020/2021 fiscal year’s second quarter.
The increase of earnings is a result of 6.9% increment of tea export volumes to 7,634 MT from 7,140.9 MT registered in the same quarter of 2020/2021.
The average price at international market also increased to USD 3.10/Kg from USD 2.65 in the same period of 2020/2021 fiscal year.
Coffee export revenues increased to USD 38,427,853 from USD 26,111,829 registered in the second quarter of 2020/2021 fiscal year.
It is an increase of 47%, attributed to the good price at the international market, where the average price rose to USD 4.9/Kg from USD 3.7/Kg in 2020/2021 fiscal year’s second quarter.
The increase is also justified by 15.5% increment of coffee export volumes, comparing the two quarters of 2020/2021 and 2021/2022 fiscal years.
Among other commodities, vegetable export revenues increased by 3.3%, fruits by 34.6% and flowers by 48.8%.
The total of non-traditional exports value increased by 41% to USD 94,781,631 from USD 67,202,558 registered in the second quarter of 2020/2021 fiscal year.
The revamping of agricultural export sector developments is a result of efforts by the Government of Rwanda to contain the effects of Covid-19 pandemic which had hit businesses, export sector included, the resumption of movements of people and a continued recovery of external demand.
NAEB’s management will continue to monitor the situation closely and commit to continuously work with and support all value-chain actors in Rwandan agri-export sector to ensure meeting the quality standards required by international markets and making the sector even profitable.
@taarifarwanda
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