Uganda has picked the Albertine Graben Refinery Consortium that includes U.S.-based conglomerate General Electric to build and operate a $4.3-billion oil refinery at Kabaale in the landlocked East African country’s Hoima district. France’s Total SA, UK’s Tullow Oil Plc and China’s CNOOC Ltd. Are developing a recently discovered crude oil reserve there, capable of producing an estimated 6.5 billion barrels per day.
Uganda said in a statement in early August the consortium that also includes Italy’s Saipem SpA and India’s Yaatra Ventures LLC “proposed to government a financing approach and a path to establish develop and operate a commercially viable refinery company with a strategic benefit to [Uganda] and the region.”