https://en.sputniknews.africa/20240124/uganda-in-talks-with-uae-based-investment-firm-to-develop-4-billion-oil-refinery-reports-1064758533.html
Uganda in Talks With UAE-Based Investment Firm to Develop $4 Billion Oil Refinery: Reports
Uganda in Talks With UAE-Based Investment Firm to Develop $4 Billion Oil Refinery: Reports
Sputnik Africa
Last July, Uganda ceased similar negotiations with a consortium that included a unit of the United States energy technology firm, Baker Hughes, because it... 24.01.2024, Sputnik Africa
2024-01-24T09:41+0100
2024-01-24T09:41+0100
2024-01-24T09:41+0100
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Uganda is in talks with a United Arab Emirates-based investment company to develop a $4 billion refinery for some of its crude oil, media reported.Talks with Alpha MBM Investments on key commercial aspects began on January 16 and are expected to be completed within three months, the minister reportedly added.According to the outlet, the East African country's fledgling hydrocarbon industry has high hopes for the proposed 60,000 barrel per day refinery. Commercial oil production in the Albertine Rift Basin in western Uganda, is projected to start in 2025.Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, a member of the Dubai royal family, heads the Alpha MBM Investments, according to the company's website.The negotiations are taking place after the failed talks with the US company Baker Hughes in July 2023, which could not mobilize financing in time.
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uganda, east africa, oil, refinery, cooperation, energy, united arab emirates (uae), united states (us)
uganda, east africa, oil, refinery, cooperation, energy, united arab emirates (uae), united states (us)
Uganda in Talks With UAE-Based Investment Firm to Develop $4 Billion Oil Refinery: Reports
Last July, Uganda ceased similar negotiations with a consortium that included a unit of the United States energy technology firm, Baker Hughes, because it could not secure financing in time.
Uganda is in talks with a United Arab Emirates-based investment company to develop a $4 billion refinery for some of its
crude oil, media reported.
"Expressions of interest were received from several potential investors, and they were evaluated [...] following which a memorandum of understanding was signed on the 22 of December 2023," Uganda's Minister of Energy and Mineral Development Ruth Nankabirwa was quoted by the media as saying at a news conference.
Talks with Alpha MBM Investments on key commercial aspects began on January 16 and are expected to be completed within three months, the minister reportedly added.
According to the outlet,
the East African country's fledgling hydrocarbon industry has high hopes for the proposed 60,000 barrel per day refinery. Commercial
oil production in the Albertine Rift Basin in western Uganda, is projected to start in 2025.
Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, a member of the Dubai royal family, heads the Alpha MBM Investments, according to the company's website.
The negotiations are taking place after the failed talks with the US company Baker Hughes in July 2023, which could not mobilize financing in time.
