Uganda has signed a landmark deal with UAE-based Alpha MBM Investments, granting the firm a 60% stake in a planned 60,000-barrel-per-day oil refinery in Kabaale, Hoima District. The Uganda National Oil Company, a state entity, will own the remaining 40%. The agreement is a major step in advancing Uganda’s $4 billion refinery project, a cornerstone of its budding oil industry. Led by Sheikh Mohammed bin Maktoum of Dubai’s royal family, Alpha MBM also signed five additional investment deals across various sectors. Negotiations, which began in January, concluded ahead of schedule, according to Uganda’s Energy Minister Ruth Nankabirwa. The refinery is expected to boost Uganda’s energy independence and industrial development significantly.
Source: Reuters
