The Ugandan government has approved an equity financing structure for the country's $4 billion oil refinery, a local media reported.
The decision, made in partnership with the UAE's Alpha MBM Investments, marks a significant development for the long-delayed project to build a 60,000 barrels per day crude oil refinery in the village of Kabale in western Uganda, according to the report.
The move comes amidst other delays in the region's oil sector, including the East African Crude Oil Pipeline, which is also facing financing challenges and environmental concerns, the report noted.