President Yoweri Museveni on Wednesday officially launched “Pearl Sweet” as the name of Uganda’s crude oil, marking a major milestone in the country’s preparations to commercialise its petroleum resources.
Museveni made the announcement after concluding an oversight visit to the Kingfisher Development Area, where he presided over the crude oil naming ceremony.
The President said the development of Uganda’s oil and gas resources must go beyond crude oil production to deliver greater value to the Ugandan economy through refining, petrochemical industries and electricity generation from associated gas.
He said value addition within Uganda would help reduce the country’s dependence on imported petroleum products while creating opportunities for economic transformation.
“The revenues from oil must be invested in durable infrastructure and productive sectors for the benefit of the Bazzukulu,” Museveni said.
Museveni commended the oil companies, technical teams and Ugandan professionals whose work, he said, had brought the country to the milestone.
The naming of Uganda’s crude as Pearl Sweet gives the country’s petroleum a distinct identity as it prepares to enter the international market, while reinforcing Uganda’s ambition to maximise the economic benefits of its oil and gas resources domestically.
The President’s remarks also underline the government’s emphasis on ensuring that petroleum revenues are channelled into long-term investments rather than short-term consumption.
