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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 Unsplash.com/Maksym 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.

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