TIPER HANDS OVER TSH 1.3 BILLION DIVIDENDS TO THE GOVERNMENT

The government has received Tshs 1.3 billion from Tanzania International Petroleum Reserves LTD (TIPER) as dividends.

Speaking during the handing over ceremony which held recently in Dodoma, Dr. Servarcius Likwelile, the Permanent Secretary for the Ministry of Finance and Economic Affairs, said that the dividends will be inserted to the budget of the current fiscal year 2013/2014 and will benefit public sector like education, health and water.

For his part, the Managing Director for TIPER, Daniel Belair, said that it’s not the first time for his company to offer such dividends to the government, whereas last year the company issued the same amount as dividends.

Mr. Belair, further said that his company has been doing well in promoting social and economic life which is now working for 24 hours and seven days a week.

The Chairman of the Board of Directors for TIPER, Prof. Abdulkarim Mruma said that it has been important for their company to have sufficient reserves of oil in the country bringing great success to the availability of oil in the country.

Prof. Mruma said that to-date, their company is concentrating in bringing oil refined in order to reduce unnecessary costs.

"At the moment we bring refined oil instead of crude oil producers which has high turbidity hence dangerous in keeping our environment,” said Prof. Mruma.

TIPER LTD is driven by a partnership between the Government of Tanzania which has 50 percent and Oryx Energies SA with 50 percent.