Although Total SA has taken up a total share of 10 per cent stake, Uganda has been forced to take up an additional 11.5 per cent mounting its shares to 19.5 per cent.
A share of 40% had been given to Uganda, Kenya, Tanzania, Rwanda and Burundi which is 8% each with the remaining 60% share reserved for private investors.
However, only Tanzania took up its full share of eight per cent ; Kenya took up 2.5 per cent while Rwanda and Burundi had not expressed interest in the facility by the expiry of the period set aside for the partner states to take up the shareholding.( The East African)
According to Irene Muloni, Uganda’s Energy Minister, Uganda had to take up the shares that were not claimed.
“Total is taking 10 per cent, Tanzania eight per cent and Kenya 2.5 per cent. Uganda will take the remaining 19.5 per cent shares if no other country expresses interest,” she said.
Uganda is constructing a 60,000 barrels- a -day oil refinery in Hoima district which was contracted to a consortium led by American multinational General Electric.
The refinery is expected to commence oil production in 2020.
Over 70% of the project will bet funded through debt and share holders to take-up the remaining 30% share.