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Stanbic, CNOOC seal deal to collaborate on oil, gas national content

Tony Otoa, the Chief Executive, Stanbic Business Incubator (left) and a CNOOC official after signing the MOU. COURTESY PHOTO

Kampala, Uganda | THE INDEPENDENT | CNOOC Uganda Limited and Stanbic Business Incubator Limited (SBIL) have signed a Memorandum of Understanding (MoU) to facilitate a partnership and collaboration that will significantly contribute to the development and sustainability of national content in the oil and gas sector.

Tony Otoa, the Chief Executive, Stanbic Business Incubator and Chen Zhuobiao, the President CNOOC Uganda Limited signed the MoU in Kampala that will see both parties  focus on enterprise development, training and information dissemination, as well as the strengthening of their mutual relationship.

The MoU shall promote national content capacity building, through among others, facilitating training on different business aspects, sharing information and enterprise development. The MoU shall also facilitate technology transfer and create employment opportunities amongst Ugandan contractors in goods and service provision to the oil and gas sector.

Otoa, the Chief Executive, SBIL stated: “We hope to enhance capacity building initiatives of business enterprises, which will in turn improve livelihoods.  With the support of CNOOC Uganda Limited, we shall reach out to the suppliers of related businesses who shall meet and share experiences and take advantage of possible synergies.”

CNOOC Uganda Limited is committed to national content development and participation to ensure sustainable development of the oil and gas industry. “Upon signing this MoU, we are optimistic this partnership shall ensure value addition in the Ugandan economy through the utilisation of Ugandan human and material resources for the provision of goods and services to the petroleum industry in Uganda,” added Chen Zhuobiao, the President CNOOC Uganda Limited.

Fred Tibagwa, a local entrepreneur, who runs a metal fabrication workshop in Hoima City, also welcomed the MoU. “As a metal fabricator, I am excited about this partnership because I believe I will be able to tap into the opportunities in the oil and gas industry as well as source funding with Stanbic bank to run my business,” noted Tibagwa.

Upon the signing of this MOU, CNOOC shall continue providing information, support and technical oil and gas expertise to the Stanbic Business Incubator Centre’s training and research activities in Enterprise Development through its highly experienced International and local staff.

The Stanbic Business Incubator is a private company duly incorporated under the Laws of the Republic of Uganda. It was started in 2018 as an initiative of Stanbic Bank to support and nurture SMEs to prepare for and harness business and growth opportunities. The Incubator has so far trained 1,216 Small and Medium Enterprise and 2,392 entrepreneurs.


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