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Libya government ready to invest in Uganda oil refinery
Publish Date: Jan 17, 2010
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By David Mugabe

LIBYA wants to invest in an oil refinery in Uganda should the Government decide to build one.

The manager of Oil Libya, which is a subsidiary of the African Investment Portfolio (LAP), Libya’s investment arm, told The New Vision yesterday that negotiations were starting today between Libya and the Government of Uganda over the matter.

“We have just started discussions and we hope to progress,” Ibrahim Ibrahim told journalists at Entebbe airport yesterday, adding that Oil Libya had already built four gas stations in Uganda.

Ibrahim is part of a delegation that arrived in Uganda over the weekend to explore new investment ventures, as well as consolidate existing ones.

The team also visited Juba in Southern Sudan yesterday.

They were led by the vice-chairman and chief executive of LAP, Dr. Khaled Ali Kagigi.

Kagigi said Libya was looking at restructuring its portfolio, as well as investing in new ventures.

Dr. Ali Zwaik, the director of Libya’s mineral investment department, said his government was also interested in investing in the mining sector.

“We are looking at bringing in money for mining,” Zwaik said.

An aeronautic survey conducted three years ago revealed that Uganda had plenty of mineral deposits across the country.

Libya has several investments in Uganda, among them a stake in Uganda Telecom, National Housing and Construction Corporation, Lake Victoria Hotel, Tropical Bank, Britania Industries, Tamoil pipeline and agriculture.

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