Uganda to refine its own oil

9/21/2018 10:06:38 AM

Uganda, that targets to start oil production from its western Lake Albert region in 2020, has plans to refine its own oil. It will require $70 million to construct a storage facility for refined products on the outskirts Kampala.

A spokesperson of the Uganda National Oil Co. has stated to Bloomberg that Uganda will initially build storage with capacity for 60,000 cubic meters that it may upgrade to 138,000 cubic meters if there is demand. The East African country seeks a joint-venture partner for the project and will invite bids before the end of the year.

Earlier this year, Uganda signed a deal with a consortium that will develop a 60,000 barrels-per-day refinery in the oil-rich Hoima region. The Ugandan government will have a 40 percent stake in the refinery. Three parties (Total of France, Cnooc of China and Tullow Oil of the UK) are jointly developing Uganda’s 6.5 billion barrels of discovered oil resource.

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