Energy, Oil & GasThe Big Story

Parliament approves UNOC’s UGX 7 trillion loan from Vitol Bahrain to fund oil refinery, Kenya pipeline shares and storage facilities Uganda National Oil Company will use the Vitol-backed facility to kick-start refinery construction, buy into Kenya’s pipeline network and build roads critical to oil logistics.

A photo collage of Finance Minister Matia Kasaija and UNOC CEO, Proscovia Nabbanja

Parliament has approved a proposal authorising the Uganda National Oil Company (UNOC) to borrow up to USD 2 billion (UGX 7.12 trillion) from Vitol Bahrain E.C. (VBA), a global trader in crude oil and petroleum products supply and marketing.   The financing marks a decisive shift toward non-traditional financing to unlock oil-linked and national infrastructure projects amid tightening global capital for fossil fuel investments. The proposal presented by the Ministry of Finance in its capacity as a shareholder in UNOC  builds on an existing commercial relationship between UNOC and Vitol Bahrain.  In August 2023, Government, through UNOC, entered into a Petroleum…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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