Uganda Shortlists Six Companies for 60,000-Barrel Refinery Project

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--After months of fine-tuning the basic specifications for Uganda's greenfield petroleum project, the country's Ministry of Energy and Mineral Development has announced the selection of six bidders for the 60,000-barrel-per-day (BBL/d) first phase of the plant.

Three consortiums are in the lineup, with one led by Petrofac (OTC:POFCY) (Saint Helier, Channel Islands), another by Marubeni Corporation (OTC:MARUY) (Tokyo, Japan), and a third by U.S. Global Investors Incorporated (NASDAQ:GROW) (San Antonio, Texas). The other three slots are filled by China Petroleum Pipeline Bureau (Hebei, Japan), SK Energy (Seoul, South Korea) and a group led by the Dutch-owned, Swiss-based Vitol (Geneva).

The selection of the company or consortium to lead the project will be made in the first half of 2014. A private investor then will be selected for a stake of up to 60% of the $2.5 billion project, with the balance held by the Ugandan government. The government will offer 10% of its share to neighboring East African countries, such as Kenya, Rwanda and Tanzania.

Initially, a total of 75 companies expressed an interest in the project, which will be fed from crude oil reserves in the country. The reserves currently are estimated at 3.5 billion barrels.

For related information, see April 17, 2013, article - Uganda Refinery Project Opts to Go Smaller, Add Export Pipeline, and June 28, 2013, article - Upgrade Planned for East Africa's Refinery and Pipeline Network.

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