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Friday, February 19, 2016

300 multinationals keen to invest in power sector


OVER 300 multinational investors have expressed interest in the country’s electricity sector, a move likely to boost power production to over 10,000MW in the next few years.

“We want to substantially increase power generation to support the industrial economy that we crave for. Fortunately, we have all the power generation sources,” Energy and Minerals Minister Sospeter Muhongo said in Dar es Salaam.

He also described the current electricity production of 1,500MW as too minimal to support an industry- centred economy. Speaking at one of the meetings between the ministry and prospective investors, Prof Muhongo said the government was determined to attract as many investors as possible to guarantee reliable, predictable and affordable electricity to all productive sectors of the economy.He described the big turnout of over 300 prospective investors as an indication that Tanzania remains the investment destination of choice among multinational investors: “We have received over 300 potential investors from all corners of the world... they all want to invest here because of the conducive environment that we offer.”

Prof Muhongo said more efforts were required to accelerate the country’s economic growth, saying the annual economic growth of over 10 per cent for two consecutive decades is inevitable to achieve the 2025 vision of becoming a middle income economy. “The current seven per cent growth will hardly lift us out of abject poverty,” he cautioned.

To achieve accelerated growth, the country requires sufficient, reliable and affordable electricity to support industrial manufacturing and other economic activities.

During the meeting, potential investors briefed participants on their projects and fixed firm appointments with the Tanzania Electric Supply Company (TANESCO) to discuss technical details of their respective ventures.

Prof Muhongo, however, directed all responsible institutions -- Tanesco, Tanzania Petroleum Development Corporation (TPDC), Energy and Water Utilities Regulatory Authority (EWURA), ministry’s officials and National Environment Management Council (NEMC) -- to attend the meetings with potential investors.

He ridiculed the previous system of investors moving from one institution to another, describing it as time wasting and counterproductive.

“I want each potential investor to meet all these institutions at one joint meeting for speedy decisions... one month is enough to decide whether or not the project is worthy pursuing,” he observed.

The minister warned the ministry’s officials against red tape in handling investors, saying: “Tanzanians want reliable and affordable power... we have no time to waste.”

He invited indigenous investors to tap the opportunity and partner with multinational companies in power generation endeavour. Responding to some questions from journalists, Prof Muhongo said the contracts on the envisaged projects will be exhaustively studied lest the country repeats past mistakes.

/Daily News.

  • MUHONGO 300 FOREIGN INVESTORS ARE INTERESTED , DO YOU THINK TANZANIA IS A MAGNET, OR HONEY? 
    THEY ARE INTERESTED BECAUSE THEY KNOW HOW FOOLISH PEOPLE LIKE YOU HAVE BEEN HANDING OVER OIL AND GAS PROJECTS TO FOREIGN COMPANIES AT THROW AWAY PRICES THROUGH UNIMAGINABLE PROFITS AT THE EXPENSE OF POOR TANZANIA PEOPLE PAYING EXORBITANT COST!
    LOOK AT IPTL/PAP ESCROW A/C , DISASTER, POOR PEOPLE ARE CHARGED TO HELL, WHILE YOU HAVE BEEN THERE ASSISTING THE MANIPULATORS, WHY YOU CAME BACK TO THIS MINISTRY?
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        VERY SAD AND HARD TO SWALLOW, SLAVE MASTER COUPLED WITH HEAVY HANDED CORRUPTION CONTINUE, WHY SHOULD ANYONE THINK TANZANIA WILL ALWAYS BE CONSUMER ONLY, NEVER BE GAME PLAYERS? HAND OVER GOLD, DIAMONDS, TANZANITE, OIL AND GAS, ALL MINERALS, NOW TURN TO POWER GENERATION?
        IDIOTIC , WHAT IS SO GREAT IN POWER GENERATION, SIMPLY ORDER THE POWER GENERATORS IN THIS CASE GAS FOR 500MW TO 2000MW FROM GERMAN, USA, etc, APPOINT SUBCONTRACTORS TO INSTALL , TEST AND COMMISSIONING AND CONNECT TO NATIONAL GRID. FUNDS, BORROW FROM ADB, GET PENSION FUND TO B PART OF INVESTORS!
        THAT IS WHY EVEN HARBINDER SINGH OF IPTL/PAP LOWER EDUCATED HE CAN DO IT, MAKING MILLIONS OF USD MONTHLY, THE PROFESSOR SINGING KUMBAYA! GET RID OF HIM, HE HAS BEEN A STUMBLING BLOCK , MAKING ALL TANZANIANS TO REMAIN STUPID!
        I AM SO PI EASED OFF BY THIS PROFESSOR OF TALKING RUBBISH ALWAYS , WHILE SEARCHING FOR KICK BACKS MONEY. THAT IS HOW THEY KILLED OUR NATION!
        Muhongo only know how to sing foreign investors' tune, if you place him in any ministry without foreign investors he can't do anything, he can't think, he can't plan, he can only receive ready made or a dead meet! 
        Not long age he was involved in tussle with member of parliament and most of Tanzania citizen who were dissatisfied with his handling of the same so called multi-national investors in oil and gas, he sold entire 8 blocks of oil and gas exploration to foreign companies, refusing even to allow a single local company to participate , not even on joint venture, how does Muhingoi expect Tanzania citizen to be transformed into other sectors of the economy such as oil and gas, mining, power production etc? 
        IPTL/PAP is still flesh in Tanzania citizen's minds, with a highly handed corruption mentality, withdrawal of ESCROW a/c funds, Tanzania citizen continue to be charged exorbitant electricity cost including capacity charges etc by the company owned by a conman Singh, which at the first place supposed not to won the company, That IPTL was supposed to be taken over by TANESCO, or the contract be terminated, however all these nothing happened.
        Obviously after loosing out of presidential ambitions, he lobbied heavily to be returned to the same ministry of energy and minerals to continue ransacking the country resources through foreign companies ownership.
        Most people have spoken clearly, Tanzania citizen are fed up with corruption in the country, and we are all placing our hope to Dr. Magufuli under the fifth government to clean up the mess of corruption, however it looks like we only focusing on TPA, TRA, and TRL forgetting the ministry holding the country natural resources which had been played by almost every minister, they come and stll and get off the hook by being sacked but they keep all ill gotten wealth with no case for prosecution or jail sentences.
        This is not acceptable at any standard, he Muhongo it see has been playing the same game he played in the fourth government, talk so much in the media and provide false information to show that he is working to promote local citizen economic empowerment, actually he has been looking for foreign in investors similar to what he did in oil and gas, he held so many road shows in the country, but when it came to real deal, he was so adamant refusing to allow local investors to get involved in oil and gas, he is repeating the same game, we are not stupid as he thinks.
        We want him removed immediately from the ministry of energy and minerals, as we don't want Tanzania citizen to continue being economic slaves in their own country, under this useless corrupt minister. producers,
        He can never ask himself with all his qualifications, how did China, India, Malaysia, Singapore, Korea, etc become power producers, oil and gas experts, mining experts etc? Is it by play feeble, and waiting to collect taxes, or by aggressively mobilizing their citizen, drawing up programs to get them fully involved, including JVs with foreign investors, etc.
        It is time for president Mgaufuli to get rid of this minister Muhongo and appoint someone with sense of belonging, visionary leader willing to take on hard work to mobilize local investors in mining, oil and gas, power production etc.
        Right now the gas production, processing , transporting and selling, entirely is controlled by foreign companies, that means add on t power production for ever local Tanzanian citizen will remain slaves, if not beggars of foreign colonial masters , all due to people appointed in position without any vision transform the sectors, too afraid to fail, to afraid to take risk, but they are addicted to free corruption money, and choose to simply hand over resources to foreign companies as they can easily wash their hands off, while pocketing bribe money. This is what we had, and we are continuing to fight for. 
        We need economic revolution, and that won't be brought by these type of people.
        With ongoing corruption drive, how many corrupt cases Prof. Muhongo has uncovered in the ministry of energy and minerals, TANESCO, STAMICO, TPDC, when other ministers are working so hard to clean their ministry he Muhongo he is plays treachery games as usual, who can be so stupid t thing that such ministry which is a center point of corruption in the country, it is so clean? This is another type of Lowassa, he must go!
        Yes everyone knows how important is electricity to transform the country into industrial economy, but that can not be done under corrupt business as usual, handing resources to foreign companies and ignoring our local citizen, and they will continue t suck our poor people blood assisted by idiots who can't take the challenge and prefer to sit and raise hands like beggars, ,yet calling themselves experts, an expert is the one with transform the society, empower them from low technology to high technology, from small business to multi national companies, no one was born on is earth as expert or multi national, it is through hard work and assisted by proper programs laid by the governments.
        The gas disaster is waiting, the gas will cost a bomb as all arrangement and contracts was based on corruption " DO WHATEVBER YOU WAN AS LONG AS YOU PAY ME THE BRIBE MONEY" Not very long all will be exposed, similar to tanzanite, gold, diamonds etc. You ask so many Tanzania citizen have never seen a diamond with their naked eyes, even gold, tanzanaite, but an Indian in India even the poor are wearing them.
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            Well done Mr Muhongo, Mr President made the right choice to pick you. Please keep up the hard work of transforming Tz to middle income country.
            However can somebody pls tell me what is this middle income status that we are aiming for?
            Our GDP is $1030 and to get to low middle income we need to reach $1040 right? Aren't we gonna get there next year? Or are we talking of high middle income status?
            And if it takes 2 decades to achieve middle income status with 10% growth, you are saying the dream of middle income status will be achieved by 2035 and not 2025 right?

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