Uganda’s plan for a 4 billion dollar oil refinery is moving forward, following the signing of fresh contracts that attracted new foreign investors. The development shows that the country is drawing more attention from global energy players.
The new agreements focus on pushing construction ahead and increasing the refinery’s ability to process crude from within the country.
According to Petroleum Minister Ruth Nankabirwa, the support from the investors strengthens the project and keeps Uganda on course to achieve its production and export goals.
Analysts noted that the financial backing could speed up the project and improve how it is funded, while helping Uganda compete better within the region’s oil sector.
The refinery is set to start with a capacity of more than 60,000 barrels per day and plays a key role in Uganda’s plan to add value to its crude and cut back on importing refined fuel.
source: pulseofafrica.info
African Energy Council