President Yoweri Museveni has officially named Uganda’s crude oil Pearl Sweet Petroleum during a ceremony at the Kingfisher Development Area in Kikuube District on September 2.
The branding gives the country’s waxy, low sulphur crude a commercial identity ahead of expected first production later this year and its entry onto international markets.
The name draws on Uganda’s longstanding nickname as the “Pearl of Africa.” The word sweet refers to low sulphur which refiners generally prefer.
Officials say a distinctive grade name is essential so traders, refiners and analysts can identify, price and track the blend among more than 150 globally traded crudes.
Speaking at the Kingfisher site, Museveni stressed that oil revenues must finance productive, long term assets rather than short term consumption or imported luxuries. He warned against repeating the resource curse seen in some other African oil producers.
