In a landmark ceremony at State House, Entebbe, Uganda’s President Yoweri Kaguta Museveni witnessed the signing of a historic oil refinery agreement with Alpha MBM Investments LLC, a UAE-based firm. This deal marks a significant milestone in Uganda’s journey toward energy independence and industrialization.
The agreement will see Alpha MBM Investments LLC take a 60% stake in the refinery, while the Uganda National Oil Company (UNOC) retains 40%. President Museveni hailed the deal as a “game-changer” for Uganda’s economy, emphasizing the need to move away from exporting raw materials and instead focus on industrial processing.
“I want to thank His Highness Sheikh Mohammed Bin Maktoum and our friends from the UAE for their commitment to investing in Uganda,” President Museveni said. “This oil refinery is not just about fuel; it’s about Uganda producing and exporting refined products instead of importing them.”
The refinery project will include a state-of-the-art refinery complex in Kabaale, Hoima, designed to process 60,000 barrels of crude oil per day. Other components include a modern storage terminal in Namwabula, Mpigi District, a 212 km multi-product pipeline, and the Mbegu water abstraction facility.
President Museveni also reiterated his government’s commitment to fostering investment and ensuring Uganda benefits from its natural resources. He cautioned against resistance to economic progress, declaring that those who delay investment will be left behind.
Hon. Ruth Nankabirwa, Minister of Energy and Mineral Development, emphasized that the project aligns with Uganda’s National Oil and Gas Policy (2008) and the East African Refineries Development Strategy. “The refinery will create thousands of jobs, develop local expertise, and serve as a springboard for industries such as petrochemicals and fertilizer production,” she said. “It will also attract Ugandan businesses to participate in the supply of goods and services, boosting local enterprise development.”
His Highness Sheikh Mohammed Bin Maktoum, who led the UAE investors’ delegation, expressed his deep commitment to Uganda, stating that he considers the country his second home and is dedicated to supporting its development. “I am honored to be here for these projects. As I always say, as long as I am in Uganda, I consider myself Ugandan. My team and I are here to support the nation and its people because our greatest happiness comes from seeing communities thrive,” Sheikh Maktoum said.
The event was attended by several high-profile officials, including Minister of Finance, Planning & Economic Development Hon. Matia Kasaija, Deputy Attorney General Hon. Jackson Kafuuzi, and Chief Executive Officer of UNOC Ms. Proscovia Nabbanja.