President Yoweri Kaguta Museveni has emphasised the importance of maximising the value of Uganda’s petroleum resources through local refining, petrochemical industries and the productive use of associated gas.
The President said that processing petroleum resources within Uganda will enable the country to retain more value from the sector while reducing dependence on imported petroleum products.
He also highlighted the potential of associated gas from oil production to contribute to electricity generation, supporting Uganda’s growing energy needs and wider industrial development.
President Museveni commended the oil companies, technical teams and Ugandan professionals whose work has contributed to the progress made in developing the country’s petroleum industry.
Looking ahead to revenues generated from the oil sector, the President stressed the importance of investing the proceeds responsibly. He said oil revenues should be directed towards durable infrastructure and productive sectors that can support long-term economic growth.
President Museveni noted that Uganda’s petroleum resources should ultimately contribute to creating lasting opportunities and improving the economic prospects of the Bazzukulu and future generations.