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Dubai-based private investment officeAlpha MBM Investments is in discussions with Uganda for the establishment of a USD 4 bn refinery to process a portion of the country’s crude oil, Ugandan Energy Minister Ruth Nankabirwa said, according to Reuters. The negotiations, which began last week, are expected to be completed in three months, Nankabirwa said.
These negotiations come after the collapse of talks with a US consortium, which included Baker Hughes, last year over the refinery — which will produce 60k barrels per day — due to its inability to secure financing in a timely manner. Several potential investors submitted expressions of interest, which were evaluated before an MoU was inked with MBM Investments, Nankabirwa said during a press conference.
Uganda is set to commence commercial crude oil production in 2025, tapping into fields within the Albertine Rift Basin situated in the western part of the nation, in proximity to the border with the Democratic Republic of Congo. The Ugandan government manages the oil fields through the state-operated Uganda National Oil Company, in conjunction with China’s CNOOC and France’s TotalEnergies.
Who is Alpha MBM Investments? The investment office is led by Dubai royal family member Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, with ventures in sectors ranging from tech and infrastructure to sustainable energy, according to its website.
