Wedoany.com Report-Dec.28, Uganda National Oil Company (UNOC), based in Kampala, has secured a $2 billion financing facility from Vitol Bahrain E.C. to support strategic infrastructure projects and investments over a seven-year period.

The loan will unlock key projects across the petroleum value chain.

The funding will facilitate key developments across the petroleum value chain, including a new greenfield storage terminal in Namwabula, Mpigi District near the capital; expansion of the existing petroleum terminal in Jinja in the eastern region; and extension of the products pipeline from neighboring Kenya.

Additional national and regional logistics infrastructure aligned with broader economic objectives will also be evaluated for support, UNOC indicated.

This financing arrangement enhances UNOC's capacity to advance petroleum products supply, infrastructure development, and commercial participation in the oil and gas sector, contributing to improved energy security and logistical efficiency.

The agreement follows parliamentary approval and execution of the financing documents, marking progress in implementing national energy strategies.