• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 2 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 1 hour Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 1 day Gazprom Exports to EU Hit Record
  • 9 hours Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Oil prices going down
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 7 hours Saudi Arabia turns to solar
  • 8 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 days EVs Could Help Coal Demand
  • 8 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Are Electric Vehicles Really Better For The Environment?
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
This Russian Oil Major Is Ready To Open The Taps

This Russian Oil Major Is Ready To Open The Taps

Russia’s oil giant Lukoil is…

EIA: Gulf Of Mexico Oil And Gas Production Remains Strong

EIA: Gulf Of Mexico Oil And Gas Production Remains Strong

Though the EIA predictions continuous…

Uganda Reportedly In Talks Over $4B Refinery With Dubious Firm

Oil refinery

Uganda’s ministry of energy has invited for talks a dubious company registered in a tax haven to discuss the construction of a US$4-billion, 30,000-bpd crude oil refinery in the country, Uganda’s The Independent reports, citing correspondence between the government and the company.

The company mentioned in the correspondence, Burj Petroleum, does not exist as such, but two entities contain ‘Burj Petroleum’ in their names, The Independent’s investigation has revealed. One of the companies, Burj Petroleum International Corporation, is registered on the British Virgin Islands and has offices in Dubai and London. The other, Burj Petroleum Africa Ltd, is said to have its directors based in Dubai, London and Nigeria, according to Ugandan news outlet.

As of September 30, as many as 18 companies had expressed interest in the project, according to a list by the ministry of energy that The Independent claims it has seen.

According to the list and to the email exchange with the government, a company named Burj Petroleum is bidding in a joint venture with China Huarong Asset Management (HK) Co Limited for the construction of the refinery.

Dozith Abeinomugisha, who is in charge of the refinery project, provided comments to The Independent in a phone interview:

“We are still looking at who is interested. The reason you haven’t seen any official list is because it isn’t ready. When it gets ready, we shall communicate.”

Back in early 2014, Uganda signed a deal with London-based Tullow Oil, France’s Total SA (NYSE:TOT) and China’s Cnooc Ltd (NYSE:CEO) for refinery and pipeline plans. Uganda’s oil reserves were discovered in 2006 and are estimated at 3.5 billion barrels of crude. However, the ‘first call’ clause for the refinery on oil produced at licensed areas would actually mean that output cannot begin without the refinery being built first.

In July of this year, Uganda’s central bank warned that oil production delays could spell a “debt distress” for the local economy.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News