Business

UNOC Launches Petroleum Products Bulk Trading

CORONAVIRUS UPDATE

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The Uganda National Oil Company Limited (UNOC) has launched its bulk trading of petroleum products business.

Simply put, the company going forward, will import and sell petroleum products in bulk to registered local oil marketing companies (OMCs), hence the term bulk trading.

Officials at the company described this as the “start of a long journey expected to strategically position UNOC, with Government support, within the petroleum products supply chain.”

One of the leading local OMCs, STABEX International was the first UNOC customer.

UNOC will import and sell to STABEX, a fraction of their monthly fuel requirements as per the agreed terms and conditions. The maiden order is to be delivered within March 2020.

Speaking at the launch which was presided over by Energy Minister Mary Goretti Kitutu, UNOC CEO, Ms, Proscovia Nabbanja said the move was in accordance with the mandate of handling the Government’s commercial interests across the petroleum value chain.

Bulk trading, she stressed, was one of the UNOC’s downstream projects alongside petroleum products storage terminals and pipeline developments.

The STABEX General Manager, Mr. Daniel Cherutich said they were glad to partner with UNOC on the bulk trading journey and happy to be the first customer.

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He indicated that UNOC’s strategic approach to implement its mandates and the shared long-term goals gave STABEX the confidence to sign up as the first customer and that STABEX looks forward to mutual benefits for the two companies.

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