Russia, Uganda to cooperate in fuel, power sector

MOSCOW, Nov 5 (PRIME) -- The energy ministries of Russia and Uganda have agreed to cooperate in the development of oil and gas fields, construction and operation of refineries and the development of renewable energy sources, as follows from documents signed by the officials on Tuesday.

The state-owned industrial corporation Rostec, VTB Capital and oil company Tatneft have established a consortium to participate in a tender to build an oil refinery with the annual capacity of 3 million tonnes in Uganda among other joint projects.

The results of the tender will be announced in 2014.

The total investments in the project are estimated at U.S. $3 billion, of which the Ugandan authorities will contribute 40%. Uganda has no refineries and suffers an oil product deficit while domestic demand grows 10% annually, Rostec said in a statement.

End