Yoweri Museveni announces construction of Uganda’s first oil refinery

Uganda is all set to build its first oil refinery in the East African country's western territory. The government of Uganda has recently announced its plan to construct its oil refinery. Here you get the details below.

The President of Uganda, Yoweri Museveni has revealed the plans recently during a meeting with the delegation of Albertine Graben Refinery Consortium (AGRC). As an outcome of the joint venture between the Uganda National Oil Company and four Italian and Mauritian companies, the Ugandan government is giving its effort to kick off the oil production. The oil revenue will be utilized to build national capacity.

According to the reports, the government of Uganda expects to commence production of oil by 2022. The East African country currently has more than 6.5 billion barrels of oil reserves. "The upstream is heading in the right direction and also the final investment call. We have a tendency to square measure operating to confirm that the refining industry starts production. Land cannot be a haul. The building of works could be a minimum. The target is to interact the oil corporations for the pipeline, Uganda's Head of State, Yoweri Museveni said, as reported by Construction Review Online.

The source noted that three international companies, namely China National Offshore Oil Corporation, Total, and Tullow have an equal stake in the country's so far discovered oil wells in Albertine Graben.

The Chief Executive Officer of Albertine Graben Refinery Consortium, Rajakumari Jandhyala opined that her delegation was keen to operationalize the oil industry in the country. She also briefed President Museveni on the progress recorded in the oil project till date.

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