Kenyan Energy Principal Secretary Joseph Njoroge said their government is awaiting details of the $2.5 billion (Sh213 billion) refinery plans before a final decision is taken and will invest Sh 197 billion for a three per cent share in the proposed oil refinery in Western Uganda.
It is understood that Rwanda may have paid for its share of equity following an invitation last September by Uganda to all EAC members.
“The Government of Uganda has invited both Kenya and Rwanda to buy small shares in the refinery. The offer is about three per cent, which will have no effect on our other plans,” said Mr Njoroge
Uganda plans to develop a refinery with an input capacity of 60,000 barrels per day (bpd), starting with a capacity of 30,000 barrels per day by 2018, which will be enhanced to 60,000 barrels per day before 2020.
Uganda has hired US energy investment firm, Taylor DeJongh as transaction advisor charged with sourcing for the lead investor and financing.