Uganda will in July name the lead investor and operator for its planned refinery expected to have a maximum output of 40,000 barrels a day.
According to Reuters the announcement follows the signing of a memorandum of understanding with Tullow oil, Total of France and CNOOC of China that set out rules for the blueprint for the commercial development of oil fields at the Albertine rift basin estimated at 3.5 billion barrels.
The lead investor is expected to inject $2.5 billion into the refinery as the Ugandan government as well as Kenya and Rwanda also take up minority stakes in the refinery.
Likely investors include the consortia of five including Petrofac, Global Resources, China Petroleum Pipeline Bureau, SK Energy, Vitol and one individual company Marubeni Corp.
Robert Kasande from the energy ministry says the government is already in pre-bidding talks with those shortlisted.
“They are expected to submit their final proposals in May, then evaluation will follow,” Kasande said. “In July we will announce the winner,” he said.