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Govt selects two final bidders for oil refinery

Published on June 26, 2014 by   ·   No Comments

Refinery1Two consortia from Russia and South Korea have emerged as the final bidders of Uganda’s $2.5 billion refinery after two others from China and Japan were knocked out of the bidding process, the Ministry of Energy said on Tuesday.

The ministry said in statement that a consortium led by South Korea’s SK Energy Co. and another led by Russia’s RT-Global Resources had been selected to proceed to the final phase of the bidding process.

Uganda wants to add value to its crude output to maximise earnings from its hydrocarbon reserves in the Albertine Basin in Western Uganda.

Government geologists estimate reserves at 3.5 billion barrels with 1.7 m barrels recoverable.

The refinery is expected to be set up in Hoima district.

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