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Uganda, Russian firms in talks over construction of 2.5 bln USD oil refinery

Xinhua, March 11, 2015 Adjust font size:

Uganda and a consortium led by Russia's RT Global Resources are in negotiations over the construction of a 2.5-billion-U.S.-dollar oil refinery.

Okello Oryem, minister of state for international affairs told reporters here on Wednesday that the negotiations have stated in Kampala to conclude the project agreements to the satisfaction of both parties.

A joint venture between government and the RT Global-led group is expected to raise the financing and engineering.

Oryem said that although Russia is facing sanctions, the firm will be able to gather funding to start construction of the 60,000 barrels of oil per day oil refinery.

According to Uganda's ministry of energy, RT Global will hold a 60 percent stake in the refinery while Uganda has the option of selling part of its 40 percent interest to neighboring Kenya, Tanzania, Rwanda and Burundi.

Oryem said Kenya has already acquired a 2.5 percent stake in the refinery.

RT Global beat a group led by South Korea's SK Engineering and Construction Company after both made final offers in January this year. Endi