Uganda: Museveni Says Uganda's Refinery Remains a Priority

President Museveni reiterated that Uganda's planned oil refinery is a top priority, alongside the East African Crude Oil Pipeline (EACOP). He explained that refining crude oil locally would significantly reduce the cost of petroleum products by eliminating transportation and transit expenses linked to importing refined goods. Museveni highlighted that their refinery would be highly profitable due to its inland location and the absence of transportation costs associated with imported oil.

He stated, "When we refine our oil here, you don't pay transit charges." During a visit to the Kingfisher Oilfield in Buhuka, Kikuube District, Museveni unveiled "Pearl Sweet" as Uganda's crude oil name, coinciding with the Kingfisher Central Processing Facility (CPF) achieving mechanical completion. This marked a significant step towards Uganda's commercial oil production.

Uganda aims to establish a 60,000-barrel-per-day refinery at Kabaale, Buseruka Sub-County in Hoima District. The lead partner in the oil refinery project is Alpha MBM Investments, a UAE-based investment firm led by Sheikh Mohammed bin Maktoum bin Juma Al Maktoum. Museveni emphasized that Uganda would save substantial amounts by refining some of its crude domestically instead of transporting it to Tanzania.

"When we pump our crude to Tanga, we pay $12.77 per barrel just for transport. When we refine our oil here, we don't pay that money. We shall no longer spend $2 billion importing petroleum," he declared.