Skip to content Skip to Search
Skip navigation

Uganda in talks with UAE firm on $4bn oil refinery

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m Kaharlytskyi
Negotiations between the Uganda government and Dubai investment company Alpha MBM are expected to be completed before April 2024

Uganda is in talks with a Dubai investment company to develop its proposed $4 billion refinery, the country’s energy minister said.

The government received expressions of interest from multiple potential investors, leading to the signing of a memorandum of understanding on December 22, 2023, Ruth Nankabirwa added.

Negotiations to finalise commercial details between the Ugandan government and Alpha MBM Investments started on January 16 and are expected to be completed before April, the minister said.

Alpha MBM Investments is led by Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, a member of Dubai’s royal family, according to the company’s website.

The refinery will have a capacity of 60,000 barrels per day, with commercial production expected by 2025.

The fields in the Albertine Rift basin are jointly operated by state-run Uganda National Oil Company, China’s Cnooc and France’s Total Energies.

Last year, Uganda terminated negotiations with a consortium that included a US firm Baker Hughes unit due to its inability to secure funds quickly.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]