Uganda Government News: Government earns big from Tullow sale of assets

Ultimate Media

Uganda is expecting a huge inflow of foreign currency courtesy of the oil industry.

The Uganda Revenue Authority says they expect over 140 million US dollars from the transaction in which Tullow Oil sold 67% of oil stake to French company Total and Chinese CNOOC.

Tullow Oil farmed out 33.3% of its assets to Total and another 33.3% to CNOOC who will now partner with the UK registered company to develop its oil fields in the country and pave way for commercial oil production to start early next year.

According to the assistant commissioner in charge of compliance, Protazio Begumisa, the new tax revenues from the Tullow oil bring a significant boost to the February collections.

Begumisa adds that the money is expected on the URA account by close of business today or tomorrow morning.