Uganda signs deal with UAE investment firm over oil refinery

Besides the refinery deal, Uganda and UAE investors also signed five other agreements in various sectors.
Uganda on Saturday signed an oil refinery agreement with UAE-based Alpha MBM Investments for a 60% stake in crude oil refinery in Kabaale, Hoima District, President Yoweri Museveni's office said in a statement.
The country's state-run Uganda National Oil Company will retain the remaining 40% stake in the 60,000-barrel-per-day refinery, according to the statement.
More To Read
- Over 9,000 new pest species threaten Uganda’s food security, study warns
- Uganda confirms deal to accept migrants deported from US
- 177 Ugandans pick nomination forms in bid to unseat Yoweri Museveni
- Uganda agrees to take migrants under US deportation deal
- Uganda bets on $250 million Chinese-owned gold mine to drive economic growth
- Uganda’s NUP moves to court to block civilians being tried in military courts
Besides the refinery deal, Uganda and UAE investors also signed five other agreements in various sectors.
Earlier this year, Uganda's energy minister said the country was in negotiations to develop a planned $4 billion oil refinery with Alpha MBM Investments.
The UAE-based investment firm's website says it is led by Sheikh Mohammed bin Maktoum, a member of Dubai's royal family.
Discussions on key commercial terms between the Ugandan government and Alpha MBM Investments began on January 16 and had been expected to conclude within three months, according to the Minister of Energy and Mineral Development Ruth Nankabirwa.
The 60,000-barrel-per-day refinery is a cornerstone of Uganda's emerging hydrocarbons industry, playing a vital role in the country's energy strategy.
Top Stories Today