President Yoweri Museveni has launched a 70 million litre fuel storage facility on Lake Victoria, owned by Lake Victoria Logistics, to boost Uganda’s fuel security. The facility has 14 tanks with a collective storage capacity of 70,000,000 litres.
Museveni said, “This is the time to go into rationalisation and this is part of it by getting fuel off the roads. This is rationalisation of the economy as we are now going for the best practices.”
Gertrude Karugaba Wamala, Chief Legal Officer Equity Group Holdings Plc, said, “This project will revolutionize Uganda’s oil and gas sector, transforming transportation, storage, and handling of petroleum products… We partner with developmental entities like Mahathi Infra Uganda Limited to implement projects that deliver value and enhance competitiveness.”
Capt Mike Mukula, chairman of Lake Victoria Logistics, said the facility will help reduce fuel costs in the country. “This investment will be a major catalyst in reducing the cost of doing business in the country since transport is one of the major pushers of high costs.”
Minister for Energy, Ruth Nankabirwa, described the facility as a new milestone for Uganda, expecting reduced pump prices. “We are making a conducive environment for oil marketing companies and our expectation is to see reduced pump prices… Oil marketing companies should not target super profits.”
The minister also highlighted the environmental benefits of transporting fuel on water, reducing carbon emissions and pollution levels.
The facility has been constructed with international standards and safety features, including double-hulled transport tankers and a jetty for docking vessels. The project aims to expand its capacity and reduce reliance on road transport, which will lower costs and traffic congestion.
Gen. Katumba Wamala, Minister of Works and Transport, emphasized the importance of water transport for Uganda’s economy and the region, committing to create an environment for the sub-sector to maximize its potential.