Russian firm pulls out of Uganda’s $4 billion oil refinery

A Russian consortium RT Global Resources, which was announced as the best preferred bidder for the financing and construction of the $4 billion greenfield oil refinery in Hoima in western Uganda has walked away from the deal in unclear circumstances.

Sources in the Energy Ministry confirmed on Thursday that the Russian consortium which had been selected to negotiate the principal agreements had “failed to negotiate in good faith” and had “failed to execute” a shareholders' agreement.