Uganda, Tullow Oil finalise deal: minister

15th March 2011, Comments 0 comments

Tullow Oil signed a deal Tuesday with Uganda that will allow it to sell one third of its assets in the east African country to France's Total and China's CNOOC, clearing the way for a $10-billion refinery in Uganda's oil rich Lake Albert region, the energy minister said.

"After many months of discussions, the Government of Uganda and Tullow Oil Plc are delighted to announce the memorandum of understanding which satisfies government concerns and enables Tullow, CNOOC and Total to proceed with the development of the oil and gas in the licensed area ..." Energy Minister Hillary Onek said.

© 2011 AFP

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