Following the favourable evaluation of its private sector-led offer by the Uganda Government, the Albertine Graben Refinery Consortium (AGRC) comprised of YAATRA Ventures (www.YAATRAVentures.com), Baker Hughes, a GE company (www.BHGE.com), LionWorks Group (http://LionWorksCapital.com) and Saipem (www.Saipem.com), signed a project framework agreement confirming its selection for the realization of a 60,000 barrels per day capacity refinery with a project estimated value of around $3 billion.
YAATRA Africa is an infrastructure development and financing company which provides innovative infrastructure solutions on the continent. LionWorks is a private equity company focused exclusively on pan-African infrastructure opportunities. Other companies involved are Saipem, a global leader in engineering, procurement, construction and installation, as well as drilling, in the oil and gas market that will act as services provider to the project investors, and BHGE, the only global Fullstream company, which will provide a comprehensive portfolio of equipment, technical and financial services.
The refinery, to be located in Hoima district, will process crude oil from fields developed by Total, Tullow and China’s CNOOC and future upstream operators. The Ugandan government has included in the project scope a refined-product pipeline to Kampala for transporting finished products from the facility as well as the distribution of refined products.
“The Ugandan Government’s commitment to fully realize its oil and gas sector and acceptance of the innovative solution provided by AGRC is driven by its strategic goals, leading to achieving middle income status. We look forward to the execution phase and delivering a world class facility that represents a unique opportunity for investors. The Project will deliver a broad, significant economic development impact for Uganda and the East Africa region.” Rajakumari Jandhyala, President & CEO, YAATRA Ventures, said.
“The Government’s selection of our Consortium as preferred bidder is a testament to the collaborative efforts of these best-in-class enterprises leveraging each other’s strengths to produce a solutions-focused proposal. When executed, this will help develop the industry infrastructure and provide livelihood for the Ugandan people and, by extension, other East African countries” said Ado Oseragbaje, BHGE’s Vice President, Sub-Saharan Africa.
Ronald Mincy, CEO & Managing Partner of LionWorks, commented “This is a unique opportunity to work with Uganda on a transformational project that will provide jobs and skills to the country through improved access to substantially cleaner refined products for Uganda and the East Africa region.”
Maurizio Coratella, Saipem E&C Onshore Division Chief Operating Officer said, “The selection of AGRC will allow the development of a robust proposal leveraging both financial capabilities of YAATRA Africa and LionWorks and the technical resources and expertise of Saipem and BHGE, addressing the Government’s expectations for the growth of the energy sector. We are pleased to have been selected to help Uganda delivering this Project.”
Today’s announcement follows the formal announcement of the Ministry of Energy regarding the conclusion of the PFA agreement. The Albertine Graben Refinery Consortium will have each member undertake a specific role during Pre-Final Investment Decision (Pre-FID) Activities and Engineering, Procurement and Construction (EPC) of the refinery.
Distributed by APO Group on behalf of GE.
YAATRA Media Contact:
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Contact point for retail investors
YAATRA Africa, A YAATRA Ventures company (www.YAATRAVentures.com), is an Africa-focused infrastructure platform that provides investors with a systematic and repeatable approach to deploying capital into value-added infrastructure opportunities. YAATRA focuses on developing innovative infrastructure solutions in sectors that unlock productivity and drive economic growth in key African countries on the path to achieving middle-income status. YAATRA brings a rare combination of 25 years of public sector experience in Africa and in-depth understanding of private sector capabilities to execute high-impact projects that deliver financial returns for investors. The YAATRA approach resulted in a development solution for the estimated USD $3 billion Uganda refinery via the Albertine Graben Refinery Consortium.
YAATRA’s partnership with world class private companies like GE, Saipem, LionWorks as well as relationships with public sector institutions like Milken Institute, OPIC, IFC, MIGA, and Africa Development Bank, while drawing legal, compliance and financial expertise of Sherman and Sterling, Deloitte, MUFG-Bank of Tokyo respectively, brings credibility to projects and enhances the confidence of African Governments in its solutions.
About Baker Hughes, a GE company
Baker Hughes, a GE company (NYSE: BHGE) (www.BHGE.com) is the world’s first and only fullstream provider of integrated oilfield products, services and digital solutions. We deploy minds and machines to enhance customer productivity, safety and environmental stewardship, while minimizing costs and risks at every step of the energy value chain. With operations in over 120 countries, we infuse over a century of experience with the spirit of a startup – inventing smarter ways to bring energy to the world. Visit us at www.BHGE.com.
Saipem (www.Saipem.com) is a world leader in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deep water. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.
LionWorks (http://LionWorksCapital.com) is an independent investor which invests in infrastructure related projects and companies across Africa. The firm is dedicated to creating and catalyzing sustainable solutions and businesses that address the continent’s critical needs and leverages the firm’s combination of private equity and technical skill sets. LionWorks seeks development and acquisition opportunities in key infrastructure segments including power and renewables, transportation, water, healthcare, and natural resources related infrastructure.
Source:: Uganda Government selects Consortium comprising YAATRA, BHGE, LionWorks, and Saipem to develop, finance, construct and operate a greenfield Oil Refinery in Hoima District, Uganda