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Museveni downplays oil’s role in future economy

In comments underlining the gulf that still appears to exist between the government and its IOC partners, President Yoweri Museveni has played down the significance of oil to Uganda’s economic development, saying agriculture and industrial development were key to the country’s future and he had only agreed to an export pipeline to help out Tanzania. On 28 May, Tullow Oil said that CNOOC had opted not to exercise its pre-emption right on the sale of Tullow’s stake to Total, and a binding tax agreement with the government could now be progressed.

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