KPC

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…