Uganda Eyes February Final Investment Decision for $4 Billion Refinery

Uganda's planned crude oil refinery is expected to take its next major step in February, with a final investment decision (FID) scheduled for the month. The project, which has been delayed several times before, aims to develop a $4 billion facility that will process 60,000 barrels of oil per day.

The refinery's development was sparked by a memorandum of understanding signed between Uganda and Alpha MBM Investments from the United Arab Emirates in March last year. The investment firm is set to take a 60% stake in the project, with the remaining 40% held by state-owned Uganda National Oil Company (UNOC).

Basic engineering works for the refinery have already begun, according to the Petroleum Authority of Uganda (PAU). The East African Crude Oil Pipeline (EACOP), another crucial project for Uganda's hydrocarbons industry, is slightly behind schedule due to disruptions caused by the conflict in the Middle East.