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CNOOC in Joint Venture Talks for Uganda Refinery

Source: Reuters 2/23/2012, Location: Africa

Stated-owned China National Offshore Oil Corp (CNOOC) is negotiating with Uganda to participate in the African country's first refinery, the China Daily reported. CNOOC, together with the British oil company Tullow Oil Plc and French oil major Total SA, would invest in the refinery, which had a total projected cost of $1.5 billion, the newspaper said, citing Elly Karuhanga, chairman of the Uganda Chambers of Mines and Petroleum. The parties were still discussing the division of the investment, it said.

The report said the refinery, expected to start operations by 2015, was being built in conjunction with exploration of the Lake Albert Basin, which would supply much of its oil. The China Daily said the three companies investing in the refinery would have a one-third interest in each of the basin's three blocks.

Tullow Oil said that a long-awaited $2.9 billion deal to bring in Total and CNOOC as partners to develop its oil fields in Uganda had been concluded, paving the way for commercial oil production to start in the African country. The group will now focus on a $10 billion plan to start pumping oil from huge reserves discovered on the shores of Lake Albert. Early production is scheduled to start in 2013 before ramping up to a major production phase in 2016.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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