By Nankwanga Eunice Kasirye
Government has received a number of new investment interests
for the oil refinery construction with hope of conclusion by February 2017.
According to the minister of Energy and Mineral Development Irene Muloni, the
refinery hit a snag after the lead investor issued unfriendly conditions to the
government of Uganda.
Through Public Private Partnership, government is seeking
for a lead private investor with 60% stake in the refinery construction. Kenya
is said to have agreed to invest 2.5% stake, Tanzania 8% while Total is
settling in for a 10% stake.
The minister who was addressing the
2016 Uganda International Oil and Gas conference also revealed that new
exploration Licenses for the 60% of the Albertine Graben 3000 square mile oil field
will be issued before close of this year, applications and bids are currently
under evaluation.
The Minister is optimistic that oil
will be flowing by 2020 and with a plan for companies to add value through the refinery
exports and other values the country will transform to middle income quicker
than expected.
Nine Production licenses were issued
to Tullow Uganda, Total and CNOOC this year with a target of 8billion Uganda
million shillings inflow. Uganda discovered oil over a decade ago with 6.5
billion barrels of oil reserves and about 2billion barrels recoverable
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