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President Museveni (C) with a delegation from China National Offshore Oil Corporation (CNOOC) at State House, Entebbe on Thursday. PPU Photo
President Museveni (C) with a delegation from China National Offshore Oil Corporation (CNOOC) at State House, Entebbe on Thursday. PPU Photo

Museveni Praises Chinese Oil and Gas Investors

The bonds between China and Africa should not just be seen as merely economic but rather strategic cooperation. - President Museveni
posted onAugust 11, 2017
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By Kampala Post Reporter

President Yoweri Museveni has received and held a meeting with the Vice President of China National Offshore Oil Corporation (CNOOC) Mr. Xu Keqiang and his delegation.

During the meeting that took place on Thursday at State House, Entebbe Mr. Xu Keqiang briefed the President on the different investment undertakings in which his corporation is doing in Uganda.

He appreciated the fact that Uganda’s economy is growing very fast presenting a great opportunity to companies, like CNOOC, that are investing heavily in the country.

He further told the President that CNOOC had met all its investment obligations to Uganda and is looking forward to further strengthening cooperation with Uganda for mutual benefit.

President Museveni with Mr. Xu Keqiang
President Museveni with Mr. Xu Keqiang, the Vice President of China National Offshore Oil Corporation (CNOOC) at State House Entebbe on Thursday. PPU Photo.

President Museveni commended CNOOC for their investments so far especially in the oil and gas sector. He described China and Chinese companies as great strategic partners of the African continent and Uganda in particular.

“The relationship between China and the African continent is well founded and historical; stretching from the anti-colonial struggle, the South-South cooperation,” said President Museveni.

 “The bonds between China and Africa should not just be seen as merely economic but rather strategic cooperation,” he added.

Finance and Economic Planning Minister, Hon. Matia Kasaija and the Attorney General, Hon. William Byaruhanga, attended the meeting.

China National Offshore Oil Corporation (CNOOC) is a major national oil company in China. It is the third-largest national oil company in the People's Republic of China, after CNPC (parent of Petro China) and China Petrochemical Corporation (parent of Sinopec). The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China.

The company is owned by the government of China, and the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) assumes shareholder rights and obligations on the government's behalf. One subsidiary, CNOOC Limited, is listed on the Hong Kong exchange; the other, China Oilfield Services, is listed on the Hong Kong and New York exchanges.

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