China prepares to construct an oil refinery in the east Africa’s third largest economy (Uganda). We have been told by the sources in Kampala government that Chinese CNOOC Oil Company is in talks with Uganda to invest in an oil refinery.
The development is as a result of China’s business interests in Uganda.
According CNOOC and Anglo-Irish Tullow Oil and France’s Total, China is prepared to inject $1.5 billion into the project to be located in the Lake Albert rift basin in western Uganda.
We are told that CNOOC and Anglo-Irish Tullow Oil, Uganda and France’s Total are discussing the division of the investment. China’s investments in Africa reached over $120 billion in 2011. Uganda’s gas and oil production are expected to start in 2013.