AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Byline: Tabu Butagira
Heritage Oil and Gas Company is apparently offering its business stakes in Uganda to Italian energy giant Eni S.P.A because it lacks sufficient financing to construct oil infrastructure such as refineries and pipeline, according to a top official.
"We have decided to enter into this letter of intent with Eni as we recognise the very large multi-billion dollar investment which is required to develop the Albert Basin and the related infrastructure," Mr Tony Buckingham, Heritage's chief executive officer, was quoted as saying in a statement issued yesterday to confirm the proposed takeover.
In a November 17 interim management statement, …