Page 8 - DMEA Week 22 2021

DMEA REFINING DMEA

UNOC committed to making

FID on refinery project in 2022

AFRICA UGANDA National Oil Co. (UNOC) has reit- refinery project had already begun preparations,
erated its commitment to making a final invest- on the assumption that work will proceed follow-
ment decision (FID) on the construction of a ing the FID next year.
60,000 barrel per day (bpd) refinery next year. “There’s a lot of work being done today, such
According to Proscovia Nabbanja, UNOC’s as the environmental and social impact assess-
CEO, the partners in the project hope to bring ment and the front-end engineering design,” she
the refinery, which will process crude from fields said. “We are also working with the Ministry of
near Lake Albert, on stream in 2024 or 2025. Finance to secure financing for our equity [stake]
UNOC is therefore determined to reach the FID in the refinery.”
stage in 2022, she said late last month. She did not reveal any details of UNOC’s dis-
“We have a role together with the refinery cussions with the ministry but stressed that the
consortium in ensuring that [all the partners company recognised the importance of securing
make] a final investment decision in 2022, in financial backing for the project in proportion to
accordance with the timelines of the project its holdings. “Without financing you can only do
framework agreement,” she was quoted as saying so much,” she said, according to Africa Oil + Gas
by Africa Oil + Gas Report. Report. “If you are going to play as a contracting
Equity in the refinery is split between Uganda party or partner within the agreements, then you
Refinery Holding Co. (URHC), a UNOC sub- must have the financing.”
sidiary, with 40%; and the Albertine Graben The refinery is slated to process crude oil from
Refinery Consortium, with 60%. The consorti- Kingfisher and Tilenga. These two fields will be
um’s members include GE (US), Saipem (Italy), the first upstream assets to begin production in
Yaatra Ventures (US) and Intra-Continent Asset the Lake Albert region. TotalEnergies (France),
Holdings (UK). formerly known as Total, expects them to come
Nabbanja also noted that the partners in the on stream in early 2025.™

P8 www. NEWSBASE .com Week 22 03•June•2021