Final talks are under way that will lead to major investment from Dubai into East Africa’s first oil refinery, promising transformative economic change across Uganda.
A 1,400km heated oil pipeline – the world’s biggest – is part of a $10 billion (Dh36 billion) international project with the potential to take millions of Ugandans out of poverty, by delivering cheaper fuel and an economic boost to double national gross domestic product.
Dubai-based Alpha MBM Investments has been chosen as the preferred bidder to finance the $4 billion (Dh14 billion) refinery in the oil city of Hoima, with a capacity to produce 60,000 barrels daily.
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