Uganda Picks GE for Group to Develop Oil Refinery Project
- Consortium also includes Yaatra Ventures and Italy’s Saipem
- Government to conclude framework agreement over next 2 months
Excess fluid sits on the rim of a barrel of oil based lubricant at Rock Oil Ltd.'s factory in Warrington, U.K., on Monday, March 13, 2017. Oil declined after Saudi Arabia told OPEC it raised production back above 10 million barrels a day in February, reversing about a third of the cuts it made the previous month.
Photographer: Chris Ratcliffe/BloombergUganda chose a group including General Electric Co. to build and operate a 60,000-barrel-a-day refinery that will process crude from fields being developed by Total SA and Tullow Oil Plc.
The Albertine Graben Refinery Consortium -- which also includes Yaatra Ventures LLC, Intracontinent Asset Holdings Ltd. and Italy’s Saipem SpA -- was picked after a review of more than 40 companies, Uganda’s Energy Ministry said Monday in a statement.