China National Offshore Oil Corporation (CNOOC) and France's Total are in final talks over the construction of Uganda's oil pipeline that will run up to the Tanzanian seaport of Tanga.
Li Yong, executive vice-president of CNOOC limited, in a meeting with Uganda's President Yoweri Museveni said the oil firm was ready to undertake the $4 billion pipeline project.
Li, according to a State House statement issued on Wednesday, said they are in talks with Total regarding the necessary modalities to ensure the take-off of the project.
East African Community (EAC) leaders in April agreed that an oil pipeline be built to link oil wells in western Uganda and the east African coastline through Tanzania.
EAC is an economic bloc that brings together Uganda, Rwanda, Tanzania, Kenya, Burundi and South Sudan.
Uganda plans to start commercial production of its so far discovered 6.5 billion barrels of oil.
It plans to refine some of the oil and transport the rest to the east African coast for export.
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