Tag: 40

Uganda wants to keep 40% stake in refinery

newsitemThe Ugandan government wants to retain a 40% stake in the proposed oil refinery project in the country's Lake Albertine rift basin, where companies are currently developing oil fields containing as much as 2.5 billion barrels of oil, Uganda's junior energy and minerals minister told Dow Jones Newswires Friday. The oil refinery, which is expected to cost up to USD 5B, will be developed under a public-private partnership and is billed as the country's largest ever infrastructure project, Peter Lokeris said in an interview. "We are negotiating with prospective investors, and by around August we will select the most serious companies and ask them to submit bids," Mr.