Ugandan President Yoweri Museveni has vowed not to export a drip of the country's crude oil found in mid 2006, but to refine it into finished products as kerosene, diesel and petroleum to meet domestic need.
While opening the Business Forum of the Organization of the Islamic Conference (OIC) here on Monday, Museveni also advised other oil-producing members of OIC to do otherwise than exporting crude oil if they are to benefit more.
"If you process a barrel of crude oil.. I can say without doubt you will get more money," he said.
Museveni compared the oil rich Saudi Arabia's GDP of some 500 billion U.S. dollars to natural resource scarce Japan's some 4.2 trillion dollars, trying to convince the OIC oil producing members that crude oil export slowed down their paces of economy.
Uganda is planning to set up a refinery by the end of 2009 near Lake Albert, western Uganda, where an estimated daily flow of16,000 barrels of crude oil were found by Irish and Canadian oil companies for the last two years.
Museveni further noted that exportation of finished products could stop poor countries from "donating" money and jobs to the developed countries through exporting raw materials.
The three-day business forum under the theme 'Discover the resources and high potential of the African market' has attracted over 800 business people from the 57 OIC member countries.
The forum precedes the 35th session of the Council of Foreign Ministers of the inter-governmental body that will convene here from June 18 to 20.
Source:Xinhua
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