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UGANDA Says U.K., Swiss Firms Building Airport for Oil BasinBy

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BLOOMBERG – Uganda said the U.K.’s Colas Ltd. and SBI International Holdings AG of Switzerland are jointly developing an airport in the oil-rich Albertine Graben.

The project has already commenced ahead of the planned start of oil production in 2020, Emma Mugizi, senior corporate affairs manager at the Petroleum Authority of Uganda, told a conference on Wednesday in the capital, Kampala.

Uganda’s government said in September that it would borrow $360 million from U.K. Export Finance for the airport, with the project’s first phase due for completion in the third quarter of 2019. The airport will be the nation’s second after Entebbe, outside Kampala.

The East African nation also plans to spend $500 million building 580 kilometers (360 miles) of new roads in the oil region, Mugizi said. France’s Total SA, Cnooc Ltd. of China and London-based Tullow Oil Plc are jointly developing Uganda’s crude finds with the potential for as much as 1.7 billion barrels of recoverable oil. Published (Halifax Canada Time AST) on: April 04, 2018 at 01:04PM

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