Final Investment Decision on Oil expected by end of 2017

By By Ritah Kemigisa

The ministry of energy has revealed that by end of 2017 a final investment decision and negotiation is expected on a company to run the oil refinery.

According to the minister for Energy and Mineral Development Irene Muloni the ministry is targeting to get the first oil by 2020 with due diligence completed with four consortia which expressed interest

The minister says two out of the four are to be engaged before finalizing on one to do the construction of the refinery.

Muloni adds that a committee set up between oil companies and the governments of Uganda and Tanzania is due to finalize the inter-governmental agreement to facilitate construction of the pipeline.

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According to the minister, inadequate budgetary allocations from government are delaying projects yet citizens expect things to be done in time.

Muloni has called on the Ministry of Finance to increase funding to her ministry