The Second Vice President of The Revolutionary Government of Zanzibar HE Seif Ally Iddi has assured investors their investments are safe in the EAC region as all the Partner States are signatories to the international conventions through which investments are protected.
The Vice President added that a number of incentives were on offer from the five governments in the region which he encouraged petroleum investors to take advantage of, noting that “the Partner States are making every effort possible to attract investors in the petroleum upstream sub-sector”.
HE Seif Ally Iddi was speaking Friday at the closing of the three-day 6th East African Petroleum Conference and Exhibition at the Arusha International Conference Center, Arusha, Tanzania.
He noted that East Africa has been a prospective area for petroleum exploration for some time, but the rate of exploration and results has not been comparable to the potential that exists in the region.
In that regard, he was optimistic that the Conference would greatly help the region’s efforts towards increased exploration and development and affirmed the Partner States’ readiness to consider the comments and recommendations from 6th East African Petroleum Conference and Exhibition in the ongoing harmonization of the EAC petroleum policies, legislation and fiscal regime.
The chairperson of the Sectoral Council on Energy and Uganda’s Minister for Energy and Mineral Development, Hon. Irene Muloni noted that the broad and varied international representation during the Conference was a clear indication that East Africa is becoming a key player in the oil and gas business.
She added that the Conference has become a remarkable event in the region and in the global oil and gas calendar.
She affirmed to the delegates that the EAC Partner States would continue to put in place attractive policies and conducive legal and fiscal regimes to govern exploration, development and production of the region’s petroleum resources in accordance with international best practices.
On her part, the EAC Deputy Secretary General in charge of Productive and Social Sectors Hon. Jesca Eriyo asserted the harmonization of petroleum policies in the Partner States will help to streamline investment efforts within the region.
The biennial event was celebrating a decade of existence this year, having held its first edition in 2003 in Nairobi, Kenya.
EAC
