Museveni Witnesses Agreement for Oil Refinery Construction in Hoima

Uganda has taken a major step in its oil sector after signing an agreement with Alpha MBM Investments LLC, a company based in the United Arab Emirates (UAE), for the construction of a crude oil refinery in Hoima District.

President Yoweri Museveni, who witnessed the signing of the deal, thanked Uganda’s UAE partners, including His Highness Sheikh Mohammed Bin Maktoum, for their commitment to investing in Uganda.

The refinery will have a capacity of 60,000 barrels per day, allowing Uganda to refine its crude oil locally instead of exporting it as a raw material.

Museveni emphasized the importance of value addition, stating that Uganda must move away from exporting raw resources and focus on producing finished products.

“The oil refinery is not just about fuel but also about Uganda producing and exporting refined products instead of importing them,” Museveni said in a statement on X.

This agreement is a key milestone in Uganda’s oil journey, complementing other projects such as the East African Crude Oil Pipeline (EACOP).

With the refinery in place, Uganda aims to enhance its energy independence and industrial growth by ensuring a steady supply of refined petroleum products for both local and regional markets.

The development aligns with Uganda’s broader economic vision of maximizing the benefits of its natural resources and attracting foreign investment.

However, the timeline for project implementation and financing details remain crucial aspects to watch as the country moves toward oil production.