Uganda, UAE Firm Sign $4 Billion Oil Refinery Agreement

Uganda has signed a $4 billion agreement with UAE-based Alpha MBM Investments LLC to construct a 60,000-barrel-per-day oil refinery in Hoima District, marking a significant step towards energy independence and industrial transformation. The deal, witnessed by President Yoweri Museveni, includes a 60% stake for Alpha MBM and a 40% stake for the Uganda National Oil Company. The project aims to enhance Uganda's energy security by processing crude oil from the Albertine Graben region and reducing reliance on imported fuels. Construction, expected to take three years, will also involve a multi-product pipeline and storage facilities. Museveni emphasized the need for Uganda to transition from exporting raw materials to producing refined products, highlighting the economic potential of the project. The signing comes after years of delays and challenges in securing investment for the refinery, which has been a long-anticipated project in Uganda's energy sector.