• 1 hour South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 6 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 8 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
China Resumes Oil Hoarding Despite Higher Prices

China Resumes Oil Hoarding Despite Higher Prices

Satellite imaging data suggests that…

Can Russia Break Its Oil Dependence?

Can Russia Break Its Oil Dependence?

Russia’s economic growth is struggling,…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

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