Uganda Agrees Deal with General Electric for First Refinery Construction

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Uganda has confirmed that an agreement is in place with General Electric for the construction of the country’s first oil refinery.

Government geologists estimate Uganda’s oil reserves at 6.5 billion barrels, of which 1.4-1.7 billion are considered recoverable, according to reports by Reuters.

The oil is due to start flowing in 2020 and the government is keen to build a refinery to process it and retain a larger slice of profits.

Uganda suffered a setback last year in its efforts to secure a lead investor for a refinery project then estimated at $2.5 billion, after talks with Russia’s RT Global Resources broke down.

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