Uganda and a UAE investment group ink an agreement on an oil refinery

The office of President Yoweri Museveni announced that Uganda and Alpha MBM Investments, a company based in the United Arab Emirates, signed an agreement on Saturday for a 60% share in a crude oil refinery in Kabaale, Hoima District.

According to the announcement, the remaining 40% of the 60,000 barrel per day refinery will be owned by the Uganda National Oil Company, which is the state-run company in the country.

Five further agreements in a variety of sectors were inked by Ugandan and UAE companies in addition to the refinery arrangement.

The energy minister of Uganda announced earlier this year that the nation was negotiating with Alpha MBM Investments to build a proposed $4 billion oil refinery.

According to the website of the UAE-based investment firm, Sheikh Mohammed bin Maktoum, a member of Dubai’s royal family, is in charge of it.

Ruth Nankabirwa, the Minister of Energy and Mineral Development, stated that the Ugandan government and Alpha MBM Investments had started talks on important commercial issues on January 16 and were anticipated to finish in three months.

The 60,000-barrel-per-day refinery is a key component of Uganda’s developing hydrocarbons sector and is essential to the nation’s energy policy.