Deals
Uganda Says Total Will Take Stake in Planned Oil Refinery
- Investors sought after Russian-led group discussions stall
- 60,000 barrel-a-day refinery to be built at cost of $4 billion
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Total SA, the French oil company drilling wells in Uganda, agreed to take a 10 percent stake in the country’s planned refinery as it seeks other investors for the $4 billion plant, Energy Minister Irene Muloni said.
Negotiations with a group of investors led by RT GlobalResources LLC, a unit of Rostec State Corp. of Russia, on the construction of the refinery collapsed earlier this year, while proposed talks with a group led by SK Engineering & Construction Co. of South Korea haven’t gained traction. That’s forced the government to engage with other potential investors and pushed the completion of the first phase of the project to 2020 from 2018, Muloni said Oct. 26.