Uganda has taken a big step toward its energy goals by signing a deal with UAE-based Alpha MBM Investments. The agreement gives the company a 60% stake in Uganda’s oil refinery. Uganda National Oil Company will control the remaining 40% of the refinery.
The new oil refinery in Uganda will be built in Kabaale, Hoima district. It will have a capacity of 60,000 barrels per day. This project is important for the country’s energy future. Uganda’s government sees it as a key part of its oil industry.
Uganda’s President announced the agreement, calling it a major step for energy development. This deal is not the only one between Uganda and UAE investors. The two sides also signed five more agreements in different sectors.
At the beginning of the year, Uganda’s energy minister confirmed talks with Alpha MBM Investments. The discussions focused on developing the oil refinery in Uganda. The goal was to finalize the deal within three months. Now, the agreement is in place, and construction is expected to begin soon.
Alpha MBM Investments is a company linked to Sheikh Mohammed bin Maktoum, a Dubai royal family member. The company has experience in large energy projects, making it a strategic partner for Uganda.
This oil refinery in Uganda is part of a larger $4 billion plan. The government wants to reduce dependence on imported fuel. The refinery will process crude oil locally, increasing fuel availability and improving the economy.
With this project, Uganda aims to strengthen its energy independence. The refinery will create jobs, boost the economy, and improve fuel access for Ugandans. The country’s oil industry is growing, and this deal marks a major milestone.
