Uganda Signed Landmark Agreement to Launch Hoima Crude Oil Refinery

SEATTLE (Oil Monster): The UAE-based Alpha MBM Investments LLC and Uganda have inked a historic deal to begin construction of the Hoima crude oil refinery, which has been discussed for a number of years. It is anticipated that building will start in the upcoming months and that commissioning will occur in five years.

Alpha MBM Investments LLC will supply the financial and technical resources required for the project's successful completion in accordance with the conditions of the agreement.

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The Kingfisher oil field will be close to the refinery. The refinery will be able to service the growing demand for refined petroleum products both nationally and regionally thanks to its advantageous location. The refinery can refine up to 60,000 barrels of crude oil per day when it is operating at full capacity. The refinery is anticipated to drastically lessen Uganda's need on imported fuel, according to projections.

Logistics for the supply of crude oil will be made easier by the Hoima site's close proximity to significant oil deposits. Both Ugandan public investments and private resources are contributing to the project's cost. The substantial number of direct and indirect jobs generated during the building and operating stages will contribute to the stimulation of the local economy.

The refinery will supply refined petroleum products to the domestic market as well as to neighboring countries, particularly Rwanda, Kenya, and Tanzania, thus ensuring the region’s energy security.