Jump to navigation

Vol 55 No 23

Published 21st November 2014


Loans for oil

Multibillion dollar Chinese loans less than two years before the elections raise commercial and political questions

China has for some time been a leading lender to Uganda but loans have accelerated this year since the government promised to pay for Chinese-built infrastructure from future oil revenue. Uganda's oil fields are now believed to contain some 6.5 billion barrels. This year alone, China has signed deals to build two hydropower dams worth US$2.2. billion, a standard gauge railway that could cost up to $8 bn. and a $600 million fertiliser plant. This is in addition to the $2 bn. oil-field being developed by the state-owned China National Offshore Oil Corporation (CNOOC) Limited and the $350 mn. road between the capital, Kampala, and Entebbe International Airport.

End of preview - This article contains approximately 721 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.