Iran’s Mostazafan Foundation Seeks to Invest in Uganda’s Petroleum Sector

The Islamic revolution Mostazafan Foundation has expressed interest in investing in various projects in Uganda including the mining and petroleum sector.

Mostazafan Foundation is the second largest commercial enterprise in Iran, second only to the country’s National Oil Company.

A July 11 statement by Uganda Chamber of Mines and Petroleum (UCMP), states that a team from the organization led by Mahnoochehr kahje-Dalouei, the deputy chairman of the foundation, paid a courtesy call at UCMP where the chairman Elly Karuhanga shared a number of investment opportunities.

The meeting held on Wednesday July 5 was also attended by Sayed Morteza Mortazavi, the Iranian ambassador to Uganda, who noted that Uganda “offered great business prospects” to his countrymen since it “enjoys strong liberal ties with Iran.”

Karuhanga, the statement reads; holds that the opportunities in the oil and gas sector are immense since Uganda is eyeing its first oil in 2020.

He cites examples of railway, roads and energy projects besides the critical areas of refinery and pipeline.

Openings like foods and beverage, finance, waste management, security, crane services and human resources were also mentioned by the UCMP boss.

Karuhanga, per the communique, added that USD2 billion is expected to be invested in Uganda to see the oil sector takeoff.

He invited the foundation to consider UCMP as the viable partner that would introduce them to sustainable and genuine investment openings in the sectors of oil and mining.


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