Business
Uganda: President rejects legislature’s call to delay oil agreements
Tuesday, November 15, 2011
Uganda President Yoweri Museveni has indicated to parliament he is not likely to delay approval of Tullow Oil‘s long proposed partnership with Total and the China National Offshore Oil Corporation (CNOOC) further, because it would diminish his government’s credibility in future negotiations.
Last year, UK explorer Tullow agreed to sell China’s CNOOC and France’s Total one third of its Uganda stakes each for US$2.9 billion.
“Reneging on the old agreements or freezing ongoing agreements would be a disaster for Uganda,” Museveni wrote in a letter to Rebecca Kadaga, speaker of parliament….