The terminal that has been managed under a Joint Venture Partnership between One Petroleum Limited (OPL) consortium and Uganda National Oil Company Limited (UNOC) will now fully be under management and operatorship by UNOC effective 23rd December 2022.

The takeover of the terminal was officially effected on Friday at a ceremony Presided over by the Ministry of Finance, Matia Kasaijja. In attendance were UNOC Chief Executive Officer, Proscovia Nabanja and some of the politicians in Jinja City.

According to a statement from UNOC, In 2017, UNOC entered into a joint venture partnership with the consortium comprising One Petroleum limited, One Petroleum Uganda limited, and Mbaraki Bulk Terminal limited) for the operation and management of the Jinja Storage Terminal.

One Petroleum Limited (OPL) reportedly took a decision to focus on other core businesses within their portfolio in line with their business strategy and as such the partners have reached a mutual consensus and agreement for the consortium to hand over the operation and management of JST to UNOC.

The Finance Minister, Matia Kasaijja that the Jinja Storage Terminal is a capital intensive venture requiring huge sums of money.

He, however, noted that UNOC is expected to profit from it in the long run when it begins to trade in oil products. With earnings, the minister hopes that UNOC will become self-reliant.