Uganda is seeking new investors for its $4.5 billion refinery project after three failed attempts with Russian, South Korean and now US/Italian private companies to raise a critical portion of the required financing.
Uganda’s Ministry of Energy says it will work with public sector capital – a veiled admission that only bilateral deals were left to explore to get the project going.
On July 3rd 2023, after the Project Framework Agreement (PFA) signed with the Albertine Graben Energy Consortium (Agec) five years ago expired without a final investment decision announcement for the $4.5 billion project.
But the consortium of US and Italian firms says it will stay on the project for which it holds intellectual property rights.
“There are, however, a number of outstanding aspects, including mobilisation of financing for the project and the Government of Uganda is now open to receiving offers from public sector capital providers to participate in this nationally and regionally strategic project,” the ministry of Energy said in a statement.
