Uganda and Dubai-based Alpha MBM Investments LLC signed a deal to jointly develop a 60,000 bpd oil refinery. Alpha MBM will hold a 60% stake, and the Uganda National Oil Company will have 40%. The project is estimated to cost around USD 4 bln. Uganda’s earlier attempts to secure investors for the refinery failed, but the project is now gaining traction, supported by TotalEnergies’ development of Uganda’s oil fields, with 6.5 billion barrels of oil resources and 1.4 billion barrels of recoverable oil.