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Uganda government to wholly finance $4 billion oil refinery through equity

The Ugandan government has decided to fully finance the construction of a $4 billion oil refinery, previously planned as a joint venture with international investors. This decision comes after the failure to secure foreign investment for the project, which has been in the works for over a decade. The government aims to build a 60,000 barrels per day capacity refinery in the Albertine region, with the goal of processing Uganda's own crude oil and reducing dependency on imported petroleum products. The project will be funded through a combination of government resources, loans, and potentially public-private partnerships. This move is seen as a strategic step to ensure energy security and economic benefits from the country's oil resources, despite the financial risks involved.

Read the Full The EastAfrican Article at [ https://www.theeastafrican.co.ke/tea/business-tech/uganda-government-to-wholly-finance-4-billion-oil-refinery-4840494 ]