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Uganda’s Oil Refinery Attracts More Funding

A Government of Uganda team led by Hon. Irene Muloni, Minister of Energy and Mineral Development and Albertine Graben Refinery Consortium (AGRC) leadership led by Rajakumari Jandhyala President and CEO of YAATRA Ventures jointly presented the East Africa Community sanctioned Refinery located in Hoima during the recently concluded Africa Investment Forum ( Aif) In Johanesburg, South Africa.  

The AIF was opened by H.E. Cyril Ramaphosa President of the Republic of South Africa and was hosted by Africa Development Bank (AfDB); The Africa Investment forum (AIF) is an exclusive transactional platform for the global investors interested in accessing the pipeline of bankable African projects. 

 With the full support and participation AfDB President Akiwumi Adesina, TDB Group (President Mr. Admassu Tadessa) and African Finance Corporation (AFC) Managing Director Mr. Ammadou Wadda; an investor boardroom invitation to Uganda Investor’s meeting was held for potential global investors from private wealth family offices, institutional investors, development finance institutions and many others who expressed specific interest to invest in Uganda’s Refinery Project attended the meeting.

 Senior Representatives of the United States Government’s Prosper Africa Initiative and United Stated Trace and Development Agency participated and expressed full support to Uganda’s Refinery Project.

AGRC private sector partner, AFC announced $ 20 million investment in the Market to support AGRC Refinery FID and invited other investors to join them to provide capital for all phases of the project and deliver on this transformational project for the people of East Africa.

Following the meeting, many investors directly engaged AGRC to begin transaction talks. The Hon. Minister Iren Muloni congratulated the AIF, AFC and the AGRC for organizing investor meetings and stated that Government of Uganda stands ready to support investor conference planned for the 2020.

Hon. Minister Muloni, took the opportunity to provide an overview of the investment opportunities in many sectors of Uganda including oil, energy and mineral development.

Minister Muloni (R) networking at the Africa Investment Forum

She reiterated Government’s commitment to ensure the oil and gas sector fully commercialized to generate revenue for the national development plans and to create jobs for the young people of Uganda and the East Africa region. 

Muloni highlighted H.E. President Yoweri Museveni’s leadership and commitment in providing solutions to advance the achievement of Final Investment Decision with Upstream Production Partners (Total, Tullow and CNNOC) and actions taken to ensure the right of first crude supply to the Refinery.

AGRC team comprised of YAATRA, Saipem S.p.A, LionWorks Group and Baker Hughes General Electric (BHGE) led by Ms. Rajakumari Jandhyala, Mr. Paolo Pascuzzi ( Baker Hughes), Michele Poggi ( Saipem SpA) and Mr. Ronald Mincy ( Lionworks Group) presented a comprehensive  overview of the business revenue model and technical, commercial and financial approach and terms of the project; path to design, develop and build and operate the Refinery; reiterated AGRC commitment to building national capacity and supporting national content goals as the joint equity venture partner of the Government of Uganda.  

The Energy Minister Eng. Irene Muloni met with AIF President Mr. Akiwumi Adesina to convey H.E Yoweri Museveni’s support to AIF in its critical efforts to attract private capital to the African Continent. 

 AIF President Mr. Akiwumi Adesina also congratulated the AGRC and the Government of Uganda for working to engage private sector investors to finance commercially viable project in support of the national development needs and reiterated his commitment to that joint effort. 

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