The coordinator of Oil and Gas Uganda Insures Association, Ms Margie Lokowe, in an interview with Daily Monitor, said Uganda insurance companies have already formed a consortium in preparations of providing insurance services to players in Uganda’s oil and gas industry.

The group comprises of  14 insurance companies with members contribution reaching $2 million.

Ms Lokowe added that two more insurance companies will be joining the consortium, which will bring its membership to 16 companies ready to provide insurance services to oil companies operating in Uganda.

“We have been engaging international oil companies to provide insurance services to them. Some of the areas which we are going to provide insurance services is the East African Crude Oil Pipeline internally under the guideline of local content policy before the oil or gas can get reinsured outside Uganda,

“We are gradually increasing capacity to bring in more members and write bigger risks in the Oil and gas industry in Uganda.”