Uganda expects final investment decision for oil refinery in September

KAMPALA: Uganda expects a final investment decision for a planned crude oil refinery to be reached in September, Finance Minister Matia Kasaija said on Thursday.

In April 2018, Uganda signed a deal with a consortium, including a subsidiary of General Electric, to build and operate a 60,000 barrel per day refinery that will cost $3 billion-$4 billion. If built, it would come online by 2023.

"The lead investor for the oil refinery commenced detailed designs that will inform the final investment decision to be taken in September 2019," Kasaija said in his 2019/20 budget speech.