• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours How Far Have We Really Gotten With Alternative Energy
  • 21 hours Bad news for e-cars keeps coming
  • 9 days For those of you who are full of __it.
Baku's Renewable Push Gains Momentum with New Solar and Wind Projects

Baku's Renewable Push Gains Momentum with New Solar and Wind Projects

Azerbaijan's ambitious renewable energy strategy…

4 Questions About the Future of Electricity

4 Questions About the Future of Electricity

Despite skepticism about climate change,…

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

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.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News