July 6 (Bloomberg) -- Uganda plans to introduce penalties of 10 billion shillings ($4 million) for companies guilty of smuggling oil without a license, New Vision reported, citing the country’s Petroleum Bill.
Individuals guilty of smuggling the resource from the fields will be subjected to a 4 billion-shilling fine as way of guarding against the illegal sale of the resource, the Kampala-based newspaper reported.
Uganda is on a cusp on an oil boom after London-based Tullow Oil Plc and its partners discovered 2.5 billion barrels of crude. The company is jointly developing Uganda oil fields with China National Offshore Oil Corp. and France’s Total SA.
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