Kenya invests in oil refinery in Uganda
Kenyan President William Ruto has announced his country's plans to invest in an oil refinery in Uganda.
Speaking at a business meeting organized by the Africa Finance Corporation in partnership with the Government of Kenya, President Ruto said that the planned investments in Uganda's oil industry are a step aimed at strengthening regional energy cooperation and long–term infrastructure development.
The investment is partly in response to Uganda's recent acquisition of shares in the Kenya Pipeline Company (KPC). In February, the Uganda National Oil Company (UNOC) completed the acquisition of a 20.15% stake in KPC for 918 billion Ugandan shillings (about 250 million US dollars).
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