AfrOil: Uganda’s energy minister hopes for refinery FID in 2023

Uganda’s Energy Minister Ruth Nankabirwa says that the Albertine Graben Refinery Consortium (AGRC) is on track to make a final investment decision (FID) next year on the construction of a plant that will process crude oil from fields near Lake Albert.

At the weekend, Nankabirwa stated that discussions among members of the consortium were moving forward. The pace of these talks has been affected by the ongoing coronavirus (COVID-19) pandemic, but the group is working to accelerate the completion of all outstanding tasks, she stated, according to a report from Monitor.

ARGC’s goal is to reach the FID stage in 2023 and bring the refinery on stream four years later, she added. The consortium will also look for a partner for the project, she noted.

“We plan to announce the final investment decision for the refinery probably next year. We are looking for an anchor investor, and therefore, the oil will come before the refinery is commissioned ... in 2027,” she was quoted as saying by Monitor.