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Uganda may incur extra costs for In oil refinery construction

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Home Business & Finance

Uganda may incur extra costs for In oil refinery construction

by Agnes Tumuheire
October 1, 2018
in Business & Finance, Business news, Featured, Latest Uganda News, Oil, Uganda Oil & Gas
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Uganda may incur extra costs for In oil refinery construction
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How the Uganda Oil refinery is expected to look like after construction
The Uganda oil sector is likely to spend quite more money than the anticipated $4 billion for the construction of the Hoima-based oil refinery following the failure of the East African Community to buy the whole part of the share it was allocated.

Although Total SA has taken up a total share of  10 per cent stake, Uganda has been forced to take up an additional 11.5 per cent mounting its shares to 19.5 per cent.

A share of 40% had been given to Uganda, Kenya, Tanzania, Rwanda and Burundi which is 8% each with the remaining 60% share reserved for private investors.

However, only Tanzania took up its full share of eight per cent ; Kenya took up 2.5 per cent while Rwanda and Burundi had not expressed interest in the facility by the expiry of the period set aside for the partner states to take up the shareholding.( The East African)

According to Irene Muloni,  Uganda’s Energy Minister, Uganda had to take up the shares that were not claimed.

“Total is taking 10 per cent, Tanzania eight per cent and Kenya 2.5 per cent. Uganda will take the remaining 19.5 per cent shares if no other country expresses interest,” she said.

Uganda is constructing a 60,000 barrels- a -day oil refinery in Hoima district which was contracted to a consortium led by American multinational General Electric.

The refinery is expected to commence oil production in 2020.

Over 70% of the  project will bet funded through debt and share holders to take-up the remaining 30% share.

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Insurance companies form body to cover risks in Uganda oil and gas sector

 

 

 

Tags: BurundiEast African CommunityHoima-based oil refineryIrene MuloniKenyamultinational General Electric.RwandaTanzaniaugandaUganda oil sectorUganda’s Energy Minister
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