Gulf Oil and Gas accountACCOUNT

Uganda Signs Agreement with Investors to Build Oil Refinery

Source: Reuters 4/10/2018, Location: Africa

Share |
Uganda signed an agreement on Tuesday with a consortium, including a subsidiary of America’s General Electric, to build and operate an oil refinery in western Uganda that will cost $3 billion-$4 billion, the president’s office said.

According to a statement, the project framework agreement that was signed will “ensure development, design, financing, construction, operation and maintenance” of the planned 60,000-barrel-a-day refinery.

Uganda discovered crude reserves estimated by government geologists at 6.5 billion barrels in the Albertine rift basin along its border with the Democratic Republic of Congo more than 10 years ago.

But the start of production has been repeatedly delayed by disagreements with field operators UK’s Tullow Oil, China’s CNOOC and France’s Total over taxes and development strategy.

A lack of associated infrastructure such as a crude transportation pipeline and a refining facility have also hampered the start of production.

The east African country is aiming to both refine domestically and also export some of the crude via a pipeline through neighbouring Tanzania currently under development.

Uganda has said it is eyeing the start of commercial production in 2020.

According to the statement, members of the consortium are Albertine Graben Refinery Consortium (AGRC) include Nuovo Pignone International SRL, a General Electric subsidiary in Italy.

Others include YAATRA Africa and Lionworks Group Ltd both from Mauritius and Saipem Spa also from Italy.

“There has been sleeping in the West, they don’t care about what potential is in Africa,” the statement quoted Ugandan president Yoweri Museveni as saying at the signing ceremony at Entebbe, a lakeside town where his office is located.

“Africa is going to be a huge powerhouse in terms of business.”

Initial efforts to secure an investor for the refinery collapsed after talks with Russia’s RT Global Resources broke down.

Oil Treating & Refining News in Uganda >>

India >>  7/17/2018 - Total and Tata Consultancy Services (TCS) have signed a partnership agreement to create a digital innovation center in India. Based in Pune in the Sta...
Russia >>  7/12/2018 - The Gazprom Neft Omsk Refinery was recently used as an expert forum for an on-site meeting of the Scientific and Technical Council of the Federal Envi...

Iraq >>  7/10/2018 - Iraq has extended the deadline for foreign companies and investors to bid for a project to build a 100,000 barrel-per-day refinery in Kut province, th...
Iran >>  6/30/2018 - Connection pipeline project between phases 4&5 and 6-8, transferring 3 million cubic meters per day, was exploited. According to public relations of P...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


Uganda Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Uganda >>

More News

 

Oil & Gas Companies in Uganda >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.