UAP eyes billions from S. Sudan oil, power projects

Kenya insurer UAP is angling for a bigger piece of the lucrative oil and power industry in South Sudan.

Through its South Sudan subsidiary the insurer said it is eyeing a number of public assets that include roads, bridges, pipelines and communication systems.

“We also look forward to insuring existing national infrastructure like the refinery, the pipeline and the operating wells that have already been sunk,” said the UAP South Sudan managing director Kris Mbaya in a statement.

“We are also ready to participate in structured financing instruments for the necessary State infrastructure such as roads, bridges, pipelines and communication systems.”

UAP has provided general insurance risks for Dar Petroleum Operating Company (DPOC), Greater Pioneer Operating Company (GPOC) and Sudd Petroleum Operating Company (SPOC).

Mr Mbaya spoke ahead of a global conference on energy and infrastructure to be held on October 11 in Juba.

The conference brings together industry experts, government officials from the Transitional Government of National Unity and leaders from the private sector to tackle energy and infrastructure challenges and showcase opportunities.

Mr Mbaya noted that the ongoing conflict in some parts of South Sudan has made it difficult for reinsurance partners to support political and terrorism covers due to the high probability of the risk occurring.

“From an insurance perspective, the country has been in conflict for the last three years making it a great challenge for insurers to develop covers that have acceptable risk profiles” he said.

Currently, 95 per cent of the South Sudan budget is financed by oil revenues. UAP Insurance has been in operation for 10 years in South Sudan.