Ugandan President Yoweri Museveni on Wednesday disclosed that the country will earn 70 percent of the oil revenues in the country's western region.

Museveni said production is expected to start by 2020. He said 30,000 barrels of oil per day will be for the refinery while 170,000 barrels of oil per day will be pumped through the pipeline to the Tanzanian seaport of Tanga.

He said negotiations have already been concluded with the companies that are going to construct the refinery and the oil pipeline.

Oil companies -- China National Offshore Oil Corporation, France's Total and Britain's Tullow Oil -- are exploring for oil the western part of Uganda where over 6.5 billion barrels of oil have been so far discovered.

Museveni, who was speaking at the delivery of the National Budget for next financial year 2016/17, said the government will use its share to fund innovations by scientists, capitalize Uganda Development Bank so as to provide cheaper credit facilities to manufacturers and farmers.

He said that part of the revenue will also be used to finance infrastructure development. Endit

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