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UGANDAN GOVT SIGNS AGREEMENT WITH CONSORTIUM TO SET UP OIL REFINERY

ENTEBBE, UGANDA-- Uganda's President Yoweri Museveni has urged Western companies to take interest in helping Africa explore its resources potential, saying the continent presented immense business opportunities.

Speaking on Tuesday at State House Entebbe where he witnessed the signing of the Project Framework Agreement between the government and the Albertine Graben Refinery Consortium (AGRC), he said that unlike China, which seems to understand Africa's potential and has been active in doing business with Africa, Western companies have been reluctant in taking up projects and investing in Africa.

The agreement will ensure development, design, financing, construction, operation and maintenance of the oil refinery in Hoima District.

"Africa is going to be a huge powerhouse in terms of business," said the President, who noted that African leaders and the Ugandan government in particular have resolved some of the obstacles to doing business like fragmented markets and confiscation of private companies by past regimes.

While congratulating the parties to the agreement, President Museveni said the composition of the AGRC showed that Western companies were also waking up to realise Africa's potential. "Africa and the West share a lot of history together and there is a need for them to use these past linkages to further economic business," said the President.

The AGRC comprises YAATRA Africa of Mauritius, Lionworks Group Limited also of Mauritius, Nuovo Pignone International SRL (General Electric Company located in Boston, USA) and SAIPEM SPA (Italy). Uganda is represented in the consortium by the Uganda National Oil Company (UNOC), which is a limited liability company owned by the government.

Source: NAM NEWS NETWORK

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