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Uganda picks group including GE to build oil refinery

Aug. 07, 2017 7:59 AM ETGeneral Electric Company (GE) StockGE, CEO, TTE, TUWOY, TUWLFBy: Carl Surran, SA News Editor16 Comments
  • Uganda's government says it reached a preliminary agreement with a consortium of investors including General Electric (NYSE:GE) to build and operate the country's first oil refinery.
  • The refinery initially is expected to process 30K bbl/day starting in 2020 and will be supplied by fields with 6.5B barrels of resources, developed by Total (NYSE:TOT), Cnooc (NYSE:CEO) and Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY).
  • Uganda has been seeking a new developer for the $4B project since negotiations with groups led by Russia’s RT Global and South Korea’s SK Engineering collapsed.

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