Bloomberg News

Uganda Expects to Conclude Tullow, Total, Cnooc Deal ‘Shortly’

January 12, 2012

Jan. 12 (Bloomberg) -- Uganda expects to approve Tullow Oil Plc’s $2.9 billion sale of its prospects in the East African nation to France’s Total SA and Cnooc Ltd. “shortly” after resolving most of the issues blocking the deal, Energy Minister Irene Muloni said.

“The conclusion is coming to an end soon,” Muloni told reporters today in Kampala, the capital. Obstacles to an agreement have “to a great extent been addressed,” she said.

In November, Peter Lokeris, Uganda’s minister of state for mineral development, said he expected the deal to be approved before the end of January.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus