Uganda to Fund $4-Billion Oil Refinery after Ditching Efforts to Tap Markets

The government of African country Uganda plans to wholly finance a $4-billion oil refinery through equity, The EastAfrican news outlet reports. The government and its partner in the project, Alpha MBM Investments, an investment firm from the United Arab Emirates (UAE), have decided not to continue searching for finance on the international financial markets, according to Uganda’s Energy Minister Ruth Nankabirwa. The Uganda Refinery Project is a plan of the East African country to have a 60,000 barrels of oil per day refinery built at Kabaale...