President Yoweri Museveni will on April 11 host his Tanzanian counterpart, Samia Suluhu Hassan, who will be on an official visit aimed at "further [bolstering] the excellent bilateral relations between... Uganda and Tanzania," the foreign affairs ministry said in a statement.
The presidents also intend to conclude the agreement for the East Africa Crude Oil Pipe Line (EACOP) Tripartite Project, according to the ministry’s Friday statement.
On Friday, ministers from both countries met in Kampala at the Serena Hotel to discuss matters related to the pipeline deal. The oil pipeline will start in Buseruka sub-county, Hoima District, and run for 1,445km to the Tanzania port city of Tanga. When complete, it will be the world's longest heated oil pipeline.
The final talks before the final deal is signed touch on the crude oil transportation, the transport tariffs as well as the shareholding structure of the East African Crude Oil Pipeline Company, EACOP.
According to the current structure, Total SA owns 45 percent shares in the company, while China’s CNOOC holds 35 percent.
Another 15 percent is held by the government of Uganda through the UNOC, with the other 5 percent held by Tanzania through the Tanzania Petroleum Development Corporation.
The project, upon completion, will enable Tanzania to earn about $3.2 billion and create between 10,000 to 15,000 jobs over the next 25 years.
Uganda discovered oil reserves in 2006 and has had over 6.5 billion barrels of oil.
Investments into the oil project are expected to bring an investment of close to $20 billion, according to the Minister of Energy and Mineral Development Mary Goretti Kitutu.
Last year, the African Development Bank and the government of Uganda signed an agreement to each provide $500,000 of finance for micro, small and medium sized private enterprises along the East African Crude Oil pipeline (ECOP).
Grants to local businesses along the route could help them access new market opportunities and help build links with regional, national and international companies. This initiative alone could help to create 500 jobs.