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CNOOC in talks to construct oil refinery in Uganda

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by ByaseL, Feb 24, 2012.

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    ByaseL JF-Expert Member

    Feb 24, 2012
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    CHINESE oil giant CNOOC is negotiating with Uganda to invest in the African country's first oil refinery, state media said Thursday, as Beijing ramps up investment in the resource-rich continent.
    State-owned CNOOC, along with Anglo-Irish Tullow Oil and France's Total, would invest in the projected $1.5 billion refinery in the Lake Albert rift basin in western Uganda, the China Daily said.
    The newspaper, citing Elly Karuhanga, chairman of the Uganda Chambers of Mines and Petroleum, said the companies were discussing the division of the investment.
    A spokeswoman for CNOOC did not immediately respond to AFP's request for comment.
    The report comes after Tullow said Tuesday it had finalised a long-delayed $2.9 billion sale of two-thirds of its Uganda oil licences to Total and CNOOC.