Uganda will make the final investment decision for its oil and gas refinery project in June with plans to begin production by 2025, The Independent newspaper reported, citing Minister for Energy and Mineral Development Ruth Nankabirwa.
As of now, environmental and social impact assessments are being undertaken by the Albertine Graben Refinery Consortium, which won the contract for the refinery.
The Uganda Refinery Holding Company Limited, a subsidiary of state-owned Uganda National Oil Company Limited, will hold 40% of commercial interests on behalf of the government.
The government has also proposed that the East African Community countries take shares in the project alongside the oil companies, Total Energies, and Cnooc.
Although the project is expected to cost $4 billion, the Petroleum Authority of Uganda (PAU) said the final cost would be apparent following the final investment decision.
PAU Executive Director Ernest Rubondo said the country would see a lot of activity when the final investment decision for the refinery at the Hoima Industrial Park is made, including hiring, contract offers, and construction works.
(Editing by Seban Scaria firstname.lastname@example.org )