Museveni's new oil deal with UAE investors. 40% UNOC, | 60% Alpha MBM Investments LLC | State House скачать в хорошем качестве

Museveni's new oil deal with UAE investors. 40% UNOC, | 60% Alpha MBM Investments LLC | State House

On Saturday, 29th March 2025, Uganda signed a historic oil refinery agreement with Alpha MBM Investments LLC, a UAE-based firm, paving the way for the construction of a 60,000-barrel-per-day crude oil refinery in Kabaale, Hoima District. The deal, witnessed by President Yoweri Kaguta Museveni at State House, Entebbe, marks a major milestone in Uganda’s journey toward energy independence and industrialization. The agreement, signed at a high-level ceremony, will see Alpha MBM Investments LLC take a 60% stake in the refinery, while the Uganda National Oil Company (UNOC) retains 40%. President Museveni hailed the deal as a game-changer for Uganda’s economy and warned government officials against frustrating investors with bureaucratic delays. "I want to thank His Highness Sheikh Mohammed Bin Maktoum and our friends from the UAE for their commitment to investing in Uganda," President Museveni said. The refinery project will include a state-of-the-art refinery complex in Kabaale, Hoima, designed to process 60,000 barrels of crude oil per day, a modern storage terminal in Namwabula, Mpigi District, ensuring adequate fuel reserves for national consumption. The other components are a 212 km multi-product pipeline linking the refinery to the storage terminal, guaranteeing efficient transportation of refined products across Uganda and beyond, and the Mbegu water abstraction facility, equipped with an advanced water pipeline system to support refinery operations and ensure sustainability. President Museveni also reiterated his government’s commitment to fostering investment and ensuring Uganda benefits from its natural resources. He cautioned against resistance to economic progress, declaring that those who delay investment will be left behind. "If you don’t move, the NRM will move with or without you. We cannot afford to be left behind," he warned. President Museveni also praised UAE investors for their enterprising spirit, contrasting their success with Uganda’s underutilized potential. "People in the desert, where there is no rain, have built an economic empire, while some Ugandans, blessed with fertile land and natural resources, remain poor. We must change this mindset," he said. Reflecting on Dubai’s transformation, President Museveni recalled how he first learned about its rapid development some years back. "When we returned from fighting Amin, I had never heard of Dubai. It was only a few years ago that I visited and saw very active people. Work with them; they are not bringing loans but investments," he urged. President Museveni further emphasized that Uganda must move from being a consumer economy to a producer economy, ensuring that its natural resources are processed locally to maximize economic benefits. The president reaffirmed his commitment to removing bottlenecks that hinder investment, assuring investors that Uganda is open for business. "We are here to work with serious investors who bring capital, knowledge, and long-term benefits to Uganda," President Museveni declared. “Those who stand in the way of progress will be swept aside,” he added. On her part, the Minister of Energy and Mineral Development, Hon. Ruth Nankabirwa, emphasized that the project aligns with Uganda’s National Oil and Gas Policy (2008) and the East African Refineries Development Strategy. She described it as an initiative that will not only enhance Uganda’s energy security but also catalyze economic transformation. Additionally, the minister noted that the project will fully comply with international environmental, health, and safety standards, integrating modern technologies to minimize environmental impact. Besides the oil deal, Uganda and the UAE investors also signed five other agreements in various sectors, including the aviation sector, tree planting, a digital land management system, logistics, cargo hubs and storage chain facilities, a comprehensive digital payment system for government transactions, streamlining tax collections and financial services, and others. On the other hand, His Highness Sheikh Mohammed Bin Maktoum, who led the UAE investors' delegation, expressed his deep commitment to Uganda, stating that he considers the country his second home and he is dedicated to supporting its development. Reflecting on his first meeting with President Museveni nearly two years ago, Sheikh Maktoum praised Uganda’s leadership for its continued support and investment-friendly environment. The event was also attended by the Minister of Finance, Planning & Economic Development. Hon. Matia Kasaija, the Deputy Attorney General; Hon. Jackson Kafuuzi, the Permanent Secretary and Secretary to the Treasury - Ministry of Finance; Mr. Ramathan Ggoobi, the Chief Executive Officer - UNOC; Ms. Proscovia Nabbanja; and others.