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Tag: Uganda National Oil Company (UNOC)

  • UNOC launches petroleum products bulk trading

    UNOC launches petroleum products bulk trading

    The Uganda National Oil Company (UNOC) has launched its bulk trading of petroleum products business.

    The company going forward, will import and sell petroleum products in bulk to registered local Oil Marketing Companies (OMCs), hence the term bulk trading. This is the start of a long journey expected to strategically position UNOC, with government support, within petroleum products supply chain. The move will enhance the security of petroleum products supplies in Uganda while delivering sustainable value propositions to the OMGs subsequently benefiting all Ugandans.

    One of the leading local OMGs, Stabex International is the first UNOC customer. UNOC will import and sell to Stabex, a fraction of their monthly fuel requirements as per the agreed terms and conditions. The maiden order is to be delivered within March 2020.

    UNOC is negotiating with strategic partners to enhance its customer value prepositions which will be presented to the OMGs as it strives to handle a favorable fraction of the fuel imports into Uganda.

    The Minister of Energy and Mineral Development, Hon. Mary Goretti Kitutu presided over the signing of an MOU at Stabex premises in Nansana. She applauded UNOC for the move, comments which were re-echoed by the Board Chairman, Mr. Emmanuel Katongole.

    The UNOC CEO, MS Proscovia Nabbanja said the move was in accordance with the mandate of handling the Government’s commercial interests across the petroleum value chain.

    “Bulk trading was one of the UNOC’s downstream projects alongside petroleum products storage terminals and pipeline developments,” She added.

    The Stabex International General Manager, Mr. Daniel Cherutich said they were glad to partner with UNOC on the bulk trading journey and happy to be the first customer. He indicated that UNOC’s strategic approach to implement its mandates and the shared long-term goals gave Stabex the confidence to sign up as first customer and that Stabex looks forward to mutual benefits for the two companies.

  • Stanbic Bank signs partnership with Uganda National Oil Company (UNOC) to strengthen National Content

    Stanbic Bank signs partnership with Uganda National Oil Company (UNOC) to strengthen National Content

    Stanbic Bank Uganda through its Business Incubator has entered in to a partnership with the Uganda National Oil Company to promote national content through capacity building through offering business training for entrepreneurs, knowledge/sector information sharing and enterprise development.

    Speaking during the Memorandum of Understanding (MoU) signing ceremony, Stanbic Bank’s Chief Executive – Patrick Mweheire said, “We are pleased to be partnering with UNOC inthis critical initiative that aims to facilitate participation anddevelopment of national content in the oil and gas sector. Oil is a game changer in many economies and the only way we can benefit as Ugandans is if we have as many local companies participating as possible.”

    “As a way of ensuring Ugandan companies participate in the Oil and Gas activities, we established the Business Incubator withthe aim to reach as many SME’s as possible and continue to support their growth and development across the nation. The incubator trains and provides them with soft and hard skills necessary to improve their business operations and compete more effectively in the market place. It also deliberately prepares them to leverage the upcoming opportunities in Uganda’s emerging Oil and Gas sector,” he said.

    Adding, “We are grateful for this partnership as through which the two entities will jointly develop and implement a series of initiatives on National Content through the Stanbic Business Incubator Centre and also cooperate in the development of National Content programmes.”

    While speaking at the ceremony, Uganda National Oil Company Chief Executive Officer – Proscovia Nabbanja said, “Partnerships with institutions like Stanbic are instrumental in promoting national content through providing the necessary training and information on the opportunities for local businesses in the oil and gas sector.

    “UNOC will provide subject matter experts to support the development of businesses on the Enterprise Development programme and also provide support to the Stanbic Business Incubator Centre’s training and research activities in Enterprise Development. It is important that local companies are kept abreast of the developments in such a dynamic industry to help them develop business models that are adaptable. This is fundamental if they are to remain relevant in such a competitive market place” she said.

    Stanbic Head of Business Development, Tony Otoa while commenting on the partnership said, “Stanbic Business incubator will provide training to SMEs recommended by UNOC to the Stanbic Business Incubator Centre, and also avail its centres across the country for use by UNOC in its National Content programme.”

    The two entities will also provide technical support inform of facilitators to help train the businesses to make them ready to partake in the oil and gas sector activities.