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Uganda discusses proposed $4 billion oil refinery with a UAE firm

Published

11 months ago

January 23, 2024

Uganda’s energy minister announced on Tuesday that the country was in talks to build a $4 billion refinery for some of its crude oil with an investment business headed by a member of the royal family of Dubai, Sheikh Mohammed bin Maktoum bin Juma Al Maktoum.

Uganda ended talks with a group that includes a division of the American company Baker Hughes, in July of last year and opened a new tab due to its inability to get funding on time. Its budding hydrocarbons industry depends on the 60,000 barrels per day refinery.

“Expressions of interest were received from several potential investors, and they were evaluated, following which a memorandum of understanding was signed on December 22, 2023,” Minister of Energy and Mineral Development, Ruth Nankabirwa, said at a news conference.

The government and Alpha MBM Investments, located in the United Arab Emirates, began negotiating the important commercial issues on January 16 and are anticipated to finish in three months, she said.

Uganda hopes to begin economically extracting oil from fields in the Albertine Rift Basin around 2025 in the west of the country, close to the Democratic Republic of the Congo border.

Additionally, according to Nankabirwa, Uganda on Tuesday granted CNOOC a licence to produce Liquefied Petroleum Gas at a plant that would be built in the Kingfisher development area, where CNOOC is now operating.

Although the minister did not specify the annual production of gas that CNOOC would produce,. It is predicted that Uganda possesses 500 billion cubic feet of gas reserves.

Related Topics:Featured Oil refinery in Uganda Uganda

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Moroccan annual inflation rises to 0.8% in November

Published

4 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

5 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”