Deputy Prime Minister and Minister of Energy, Dr. Doto Biteko, met with the Commissioner of Insurance Tanzania, Dr. Baghayo Saqware, and Deputy Commissioner Khadija Said, accompanied by Insurance Ambassadors, leaders of TIRA, and the Technical Committee of the Oil and Gas Consortium. The purpose of the meeting was to provide opportunities for registered insurance companies in the country to participate in the oil and gas sector.

The Insurance Commissioner informed Dr. Biteko that the Insurance Consortium, launched in November 2022, consists of a union of 22 insurance companies with a total capital of USD 6 million. The Commissioner also stated that the objectives of the Authority and the Consortium are to ensure that all oil and gas projects retain not less than 45% of the fees generated from oil.

On her part, the Chief Secretary of the Revolutionary Council and Secretary of the Council of Ministers, Engineer Zena Said, emphasized that the insurance sector in the country is committed to making significant investments to attract large projects both domestically and internationally to insure with local companies. This is aimed at retaining funds in the country to ultimately boost the economy. She also urged the government to have confidence in these companies and engage in business with them

Deputy Prime Minister assured the insurance sector delegation that the government believes in empowering local entities that demonstrate competence in various areas, including the insurance sector. He encouraged them to continue being innovative in their businesses and stated that the government is ready to provide appropriate support.

Insurance Ambassadors Japhet Hasunga and Wanu Ameir expressed their gratitude to Dr. Biteko for opening doors for Tanzanian insurance companies to utilize the opportunities available in the country and neighboring regions to strengthen their businesses.

The consortium of oil and gas comprises 22 companies, with TanRE serving as the consortium's supervisor and Phonex as the leading company.