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
- 20-year-old student announces bid to unseat Museveni in 2026
- Ugandan opposition leader Kizza Besigye denied bail as treason trial drags on
- UAE bars Sudanese aircraft from landing at its airports
- Sudanese air force destroys UAE plane carrying Colombian mercenaries: Sudan TV
- Sudan claims UAE recruiting mercenaries from Colombia, Africa to aid RSF
- Sudan’s rebel force has declared a parallel government: What this means for the war
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
- BATUK declared hostile witness after snubbing MPs probing Agnes Wanjiru murder case
- Why Harambee Stars must beat Zambia to secure Kasarani quarterfinal
- Isiolo town on brink of chaos as armed groups roam freely - MP Mumina Bonaya
- Egypt vows not to give up its Nile water rights despite Ethiopia's Grand Dam completion
- Duncan Ojwang declines Ruto's nomination for KNCHR chair position
- More women turn to digital loans as smartphone use spurs financial inclusion