BUSINESS UPDATE WITH Orange Uganda’s Minister of Energy and Mineral Development Eng. Irene Muloni revealed that government will utilize its discovered petroleum resources to create green gold from the black gold. While addressing delegates attending the CERA WEEK 2014, held in Houston, Texas Eng. Muloni said Uganda is an agricultural country and we will use the revenues from this natural resource to create lasting value through upgrading our infrastructure, mechanizing agriculture, increasing access to energy for the population and protecting our environment. Uganda has proven petroleum resources currently estimated at 3.5billion Barrels of oil in place. Prime Minister Amama Mbabazi has been tasked to explain why government refused to rescue Sembule Steel Mills yet he promised last year that government will protect the industry. In a question and answer session with the Prime Minister at Parliament, Rubaga South MP Ken Lukyamuzi asked why Mbabazi made empty promises to Ugandans and whether it is not too late to rescue the industry. Mbabazi said that after discussing the matter with the concerned parties including the President, the Minister of Finance and the proprietors of Sembule, government had earmarked 5 million dollars to rescue it but required more money which government could not raise. One of the largest exhibition event in Africa will take place in April in Nairobi with Local and international oil and gas experts. The event comes in the wake of discovery of oil in Kenya and Uganda as exploration in other African countries continues. The Oil and Gas Africa 2014 event will bring together scientists, engineers, environmentalists, technocrats and entrepreneurs in the oil sector. The event manager Neville Trindade has said over the past 10 years, oil production has doubled in Africa and new routes have been created for the transportation of hydrocarbons to world markets. Japans current account deficit widened to a record $15bn in January, the largest since records began in 1985. In more bad news, the countrys economic growth figures were also revised downwards. Japans economy grew by 0.7% in 2013, down from an initial estimate of 1%. From October to December 2013 Japans economy grew by just 0.2%, after earlier estimates showed an increase of 0.3%. CURRENCY BUYING SELLING USD 2463 2480 GBP 4043 4100 EURO 3345 3385 KES 28.2 29 RADIOCITY NEWS:WE BRING THE WORLD CLOSER TO YOU.
Posted on: Mon, 10 Mar 2014 13:09:14 +0000