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Zanzibar seeks more oil and gas investors

Closing the fourth Tanzania Energy Congress in Dar es Salaam yesterday, he called on investors from across the world to seek out viable opportunities in Zanzibar.

Several major firms attended the congress, where the Zanzibar authorities sought to open the doors for potential investors in oil and gas, affirming tht Zanzibar is ready to initiate discussions with any company interested in the Isles potentials, for mutual benefit.

“We want Zanzibar to continue growing and its people to benefit from our natural resources,” he said, taking note of the conference as widening the room for investors to scale up investment opportunities.

“I am sure that investors who participated in this conference have been informed about opportunities available in Zanzibar,” he said, urging that the firms are encouraged to bring up oil extraction matters or exploring other usable projects in the interests of both parties.

He commended the Union Ministry of Energy for liaising with stakeholders to organise the conference to a success, as key stakeholders locally and outside participated, including representatives of 80 large companies.

“This congress will help spur investors to seek opportunities here in various fields in the energy sector, stimulating economic growth, he stated, urging that the organisers organise such an event in Zanzibar to provide a wider opportunity for the Isles to market its potential.

He urged journalists to uphold patriotism when implementing their duties by prioritising the national interest, to foster the country’s development.

One result of the congress was the Tanzania Electric Supply Co. (TANESCO) signing an agreement with Masdar, a UAE renewable energy firm, to develop renewable energy projects in the country.

Energy minister January Makamba said the memorandum of understanding (MoU) was the result of the tour conducted by President Samia Suluhu Hassan to the UAE early this year.

“The signing of this MoU today is a significant testimony of Tanzania’s commitment to clean energy,” he said, pointing at feasible projects in the push to capacity generation of renewable energy for adaptable growth needs and employment creation.

The scope of projects under the agreement will be carried out in phases, aiming at generating 2000mw of renewable power countrywide, he said.

Abdullah Zayed, the Masdar head of business and investment development, said that implementation of the projects will facilitate the total capacity to reach 5000mw by 2025.

“Masdar has been a catalyst for renewable energy and sustainable development in a number of countries, and we look forward to working with TANESCO to leverage our mutual expertise to deliver clean energy for the people of Tanzania,” the UAE executive intoned.

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