Uganda Explores $4 Billion Oil Refinery Deal with UAE Investment Firm
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Uganda is currently engaged in negotiations with an investment company led by a member of Dubai's royal family for the development of a planned $4 billion oil refinery, according to the country's Energy Minister. The talks involve United Arab Emirates-based Alpha MBM Investments, led by Sheikh Mohammed bin Maktoum bin Juma Al Maktoum. The East African nation terminated previous negotiations in July last year with a consortium, including a unit of US firm Baker Hughes, due to financing mobilization delays.
The proposed 60,000 barrel-per-day refinery holds strategic importance for Uganda's emerging hydrocarbons industry. The Minister of Energy and Mineral Development, Ruth Nankabirwa, announced that negotiations on key commercial details between the Ugandan government and Alpha MBM Investments commenced on January 16. Expressions of interest from various investors were evaluated, leading to the signing of a memorandum of understanding on December 22, 2023.
As Uganda aims to become a significant player in the global oil market, the successful completion of these negotiations is crucial. The country anticipates commencing commercial crude oil production in 2025 from fields located in the Albertine rift basin, situated in the west near the border with the Democratic Republic of Congo.**
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