Trade and Financial Services Round-Up
KENYA
Kenya declines Uganda’s request to use oil pipeline
An application by Uganda to use Kenya’s pipeline to transport its fuel was in September turned down by Kenya on concerns that the move would displace local oil marketing companies (OMCs) from using the pipeline.
Uganda will from January 1, 2024, stop buying fuel from Kenyan firms after it entered into a five-year contract with Vitol Bahrain E.C, which will supply it with its entire fuel needs.
Kenya supplies about 90 percent of Uganda’s fuel, while 10 percent is sourced through Tanzania.
(The East African)
TANZANIA
Tanzania, Uganda sign gas pipeline deal
Tanzania signed a bilateral agreement with Uganda on Thursday, 9th November, 2023 to construct a natural gas pipeline that will boost energy security and economic growth in both countries.
The pipeline will transport natural gas from Tanzania’s southern regions to Uganda, where it will be used to power factories and generate electricity. The project is also expected to create jobs and attract foreign investment.
(Tanzania Citizen)
UGANDA
UBL unveils new premium flavour for Uganda Waragi
Uganda Breweries Limited (UBL) the makers of Uganda Waragi have unveiled a new premium limited flavour for the gin named Uganda Waragi Lemon and Ginger.
According to the company, the exceptional and exclusive edition brings a burst of refreshing flavours to the renowned classic, promising to create unforgettable moments for consumers.
(Nile Post)
ETHIOPIA
India urges Ethiopia to explore settling trade transactions in local currency
India has urged Ethiopia to explore the possibility of settling bilateral trade transactions in local currency as it will help boost bilateral trade and conserve foreign exchange, an official statement said on Wednesday.
The country has also invited the African nation to collaborate on the Unified Payment Interface (UPI) with Ethswitch of Ethiopia.
These issues were discussed during the sixth session of the India-Ethiopia Joint Trade Committee in Addis Ababa from November 6-7.
(Outlook India)