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Convention 2018

26/05/2018

American Vega Chemical Corp eyes Uganda’s oil sector

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Written by: wmutenza
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Uganda, April 25 – Uganda’s oil and gas sector performance continues to lure investments in the country with the latest news involving the country and an American based company. Brian Oller, founder of Vega Chemicals Corp is understood to make a move for the local oil sector.

Uganda’s local oil sector has a great potential with the growing market around the region. Their stellar performance in the sector could propel the economy to greater heights and strengthen the currency. Oil prices have long dictated the price of commodities and this would help keep in check the inflation of the country’s commodities.

The investment is subject to a number of factors that could take place in 2019, according to the Brian Oller. Other than the oil and gas sector in Uganda, Vega Corp is interested in investing in the textile industry as well to make raw materials for the manufacturing sector. The President seeks to support the local manufacturing industry to be competitive in the market.

It has not yet been disclosed the amount of capital to be injected for the investments as the prospects are not yet clear when the deal will go through. It remains unsure the scale of investment the American company is set to put into probably until 2019. They are still putting the cost of structures into place.

The company will bring in training for the local talent and offer guidance on the same sector. Oller understands the need for professionalism in the sector and would be delighted to sharpen the skills of the locals to be fit for the job opportunities the company will create in Uganda.

ALSO READ: Swala to buy 40% of PanAfrican Energy Corporation For $130M

East African trade laws have been favorable to wrap up investments from countries beyond Africa. As a result, many investors who see the availability of natural resources in the African continent have swarmed in to set up businesses.





 

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