Museveni launches Lake Victoria logistics to cut fuel costs
President Yoweri Museveni yesterday officially opened the Lake Victoria Logistics complex in Kawuku Bwerenga.
This project involves employing oil tanker ships to carry and store oil from the port of Kisumu to Entebbe. Museveni says it would be extremely beneficial for the nation to no longer import petroleum only via road transportation
Museveni noted that there is an excessive amount of traffic on the highways, which makes our transportation system illogical and not cost-effective.
President Museveni stated, “By removing fuel from the roads, we are targeting the rationalization of the economy.”
He hailed Mahathi Infra Uganda Limited, who put together the project, for ensuring they fully protect the environment, as the facility is next to a key resource, the waters of Lake Victoria.
The Minister of Works and Transport, Gen. Katumba Wamala, had previously stated that the transport tankers are extremely safe for moving oil on this lake because they are built to international standards and have two hulls.
He further noted that this ground-breaking and revolutionary project aims to revolutionize the country’s handling, storage, and transportation of petroleum products while also greatly enhancing Uganda’s capabilities in the oil and gas sector.
The project, according to Uganda’s Energy Minister Ruth Nankabirwa, is a major turning point in the country’s energy sector and evidence of its dedication to expanding its fuel import routes and fostering economic development.
The chairman of the Mahathi Group, Mike Mukula, praised Equity Bank for providing credit financing and stated that as transportation is one of the main cost drivers in the nation, the investment will significantly lower operating expenses.
