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Vol 2 (AAC) No 12

Published 1st October 2009


The race to give Museveni what he wants

In Uganda, the China National Offshore Oil Corporation has taken the pole position in discussions to buy out part of Irish oil company Tullow's interests in more than one billion barrels of reserves found under Lake Albert. With productive acreage to develop in places like Ghana, the company does not want to follow its Ugandan assets through to the stage where nearly US$4 billion needs to be invested in a pipeline to get the crude to port and a large refinery, pushed by the government in Kampala, would be built. The total project could be worth $5-6 bn.

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