RT Global Resources to construct new Ugandan refinery

A consortium led by Russia’s RT Global Resources, and including Tatneft, VTB Capital and South Korea's GS, has been awarded a contract to construct and operate a new US$2.5 billion crude oil refinery in Hoima, Uganda. Under the terms of the contract, the government will fund 40% of construction while the investors will cover the remaining 60%.

According to local press reports, the refinery will process Uganda’s estimated 6.5 billion bbls of hydrocarbon reserves, which were discovered along the country’s border with the Democratic Republic of Congo in 2006. The facility, which will be developed in phases, is expected to have a final output capacity of 60 000 bpd, beginning with a 30 000 bpd capacity.

Edited from various sources by Rosalie Starling

Sources: Reuters, Ventures Africa, The Africa Report

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