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Albertine Graben Refinery Consortium

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Coordinates: 01°32′24″N 31°08′14″E / 1.54000°N 31.13722°E / 1.54000; 31.13722
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Albertine Graben Refinery Consortium
Company typePrivate
IndustryPetroleum refining
Founded2017
HeadquartersUganda
ProductsGasoline, Jet fuel, Kerosine, Diesel fuel, Heavy fuel oil, Liquefied petroleum gas

Albertine Graben Refinery Consortium (AGRC), is a consortium of 4 international companies which agreed in 2018 with the government of Uganda, to invest in, construct, operate and co-own the Uganda Oil Refinery on the Eastern shore of Lake Albert.[1][2] It consists of General Electric of the United States, Yaatra Ventures LLC of the United States, Intracontinent Asset Holdings Limited of Mauritius and Saipem SPA of Italy.

Overview

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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.[3]

In 2018, 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 Uganda Oil Refinery, estimated at US$4.27 billion.[3][4]

Composition

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As of 2018 the Albertine Graben Refinery Consortium included the following 4 companies:[5][6]

Composition
Rank Name of Owner
1 General Electric of the United States
2 Yaatra Ventures LLC of the United States
3 Intracontinent Asset Holdings Limited of Mauritius
4 Saipem SPA of Italy

Agreement

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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, on the Eastern shore of Lake Albert in the Western Region Uganda.[3][7] The signing of this Project Framework Agreement, allows the consortium to begin the Front-End Engineering and Design (FEED), Project Capital and Investment Costs Estimation (PCE) and environmental impact assessment and social impact assessment.[3][8] Uganda has ambitions to produce first oil by 2025.[9]

See also

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References

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  1. ^ Biryabarema, Elias (7 August 2017). "Uganda says agrees terms with consortium to build oil refinery". Reuters.com. Retrieved 10 April 2018.
  2. ^ Ojambo, Fred (7 August 2017). "Uganda Picks GE for Group to Develop Oil Refinery Project". Bloomberg News. Retrieved 10 April 2018.
  3. ^ a b c d Samuel Wamuttu (8 August 2017). "Uganda agrees terms with consortium for construction of oil refinery". Kampala: Ugandaoil.co. Retrieved 10 April 2018.
  4. ^ Abdallah, Halima (11 October 2017). "Chinese firm returns for Uganda oil refinery talks". The EastAfrican. Nairobi. Retrieved 10 April 2018.
  5. ^ Olingo, Allan (14 April 2018). "Uganda signs $4 billion refinery plant deal". The EastAfrican. Nairobi. Retrieved 16 April 2018.
  6. ^ Musisi, Frederic (8 May 2018). "Uganda signs off Shs4 trillion for US in refinery". Daily Monitor. Kampala. Retrieved 8 May 2018.
  7. ^ Biryabarema, Elias (10 April 2018). "Uganda signs agreement with investors to build oil refinery". Reuters.com. Retrieved 10 April 2018.
  8. ^ The Independent (10 April 2018). "Albertine Graben Consortium signs oil refinery pact with Uganda". The Independent (Uganda). Kampala. Retrieved 10 April 2018.
  9. ^ Agence France-Presse (10 April 2018). "Uganda signs deal with consortium to build oil refinery". Daily Monitor. Kampala. Retrieved 10 April 2018.
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01°32′24″N 31°08′14″E / 1.54000°N 31.13722°E / 1.54000; 31.13722

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