In December 2023, the Ugandan government signed an MOU with United Arab Emirates based Alpha MBM Investments LLC to develop Uganda’s oil refinery. Negotiations are underway on the key commercial agreements including the Implementation, Crude Oil Supply, and Shareholders Agreements between the Government and Alpha MBM Investments LLC. These are being conducted on the basis of implementation contracting for a period of 25 years. FID for the refinery is expected 4th quarter 2025 and commissioning is expected 4th quarter 2029.
