Albertine Graben Refinery Consortium


Albertine Graben Refinery Consortium , is a consortium of international companies that have agreed with the government of Uganda, to invest in, construct, operate and co-own the Uganda Oil Refinery.

Overview

Ugandan government geologists estimate Uganda’s oil reserves at 6.5 billion barrels, of which approximately 1.7 billion are considered recoverable. In 2016, the selected lead investor in the refinery project, RT Global Resources of Russia, pulled out of negotiations. Negotiations with the alternative investor, a consortium led by SK Engineering of South Korea also broke down.
New bids for a lead investor in the refinery attracted over 40 applicants. The second round of selection, identified the Albertine Graben Refinery Consortium as the entity offering the best terms for construction of the refinery, estimated at US$4.27 billion.

Composition

The companies that constitute the Albertine Graben Refinery Consortium include the following:
RankName of Owner
1General Electric of the United States
2Yaatra Ventures LLC of the United States
3Intracontinent Asset Holdings Limited of Mauritius
4Saipem SPA of Italy

Agreement

On 10 April 2018, the Consortium signed a definitive agreement with the government of Uganda, committing to design, develop, finance, construct, operate and maintain the planned 60,000-barrel-per-day Uganda Oil Refinery in Kabaale, Buseruka sub-county, Hoima District, in the Western Region Uganda. The signing of this Project Framework Agreement, allows for the commencement of the Front End Engineering and Design, Project Capital and Investment Costs Estimation and Environmental & Social Impact Assessments. Uganda has ambitions to produce first oil by 2020.