A $4 billion oil refinery agreement between Uganda and Alpha MBM Investments LLC, based in the United Arab Emirates, has opened the door for a refinery in Hoima District that can produce 60,000 barrels per day.
President Yoweri Museveni was present when the agreement was signed at State House Entebbe on March 29, 2025. The Uganda National Oil Company (UNOC) keeps 40% of the project, while Alpha MBM Investments LLC receives 60%.
President Museveni praised the agreement as a significant economic boost for Uganda and cautioned against red tape that could impede investment. He expressed gratitude to His Highness Sheikh Mohammed Bin Maktoum and our UAE friends for their dedication to Ugandan investment.
A 212-kilometer multi-product pipeline, a contemporary storage terminal in Mpigi District, and a water abstraction facility to assist operations are also part of the refinery project.
President Museveni underlined the importance of using Uganda’s natural resources domestically. “This oil refinery is about Uganda producing and exporting refined products rather than importing them; it’s not just about fuel,” he stated.
According to Energy Minister Ruth Nankabirwa, the initiative will help businesses like fertilizer and petrochemicals, create jobs, and build local knowledge. She guaranteed adherence to global safety and environmental regulations.
In addition to oil, investors from the UAE and Uganda inked deals in financial services, digital land management, aviation, tree planting, and logistics.
The UAE delegation’s leader, Sheikh Mohammed Bin Maktoum, reiterated his dedication to Uganda. “I consider myself Ugandan as long as I’m in Uganda.” I’m here with my team to help the country and its citizens,” he stated.
UNOC CEO Proscovia Nabbanja, Deputy Attorney General Jackson Kafuuzi, Finance Minister Matia Kasaija, and other high-ranking officials were present during the ceremony.
