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Vol 55 No 17

Published 29th August 2014


Refinery deal struck

The agreement with the main oil companies gives investors 60% and paves the way for the export of crude oil

After nearly three years of back-and-forth negotiation with oil companies, President Yoweri Kaguta Museveni has finally caved in. He has agreed to a much smaller oil refinery than he had hoped for and paved the way for the long-awaited development of the country's oil reserves. Following a series of disputes over issues ranging from tax to plans for developing the oilfields, the main area of contention had been whittled down to whether the crude oil should be refined or exported.

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