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Stock impact report

Vitol Deal Revives Uganda's $4 Billion Refinery Ambitions [Yahoo! Finance]

TotalEnergies SE Ordinary Shares (TTE) 
Company Research Source: Yahoo! Finance
The 60,000-barrel-daily facility is one of the key infrastructure projects related to the East Africa Crude Oil Pipeline that will carry Ugandan crude to the East African coast in Tanzania. Initially, the Ugandan government tried to secure funding for the $4-billion project on international financial markets, but failing that, it turned to individual investors, including Emirati Alpha MBM Investments, which became its partner in the refinery project. The refinery project's funding will consist of debt and equity at a ratio of 60:40, implying that 60% of the funding will be debt, while 40% will be equity, Uganda has previously estimated. The Emirati firm will hold a 60% stake in the facility, with the other 40% held by the country's state oil company, Uganda National Oil Company. The loan to be provided by Vitol will have a term of seven years and carry an interest of 4.92%, said junior finance minister Henry Musasizi, as quoted by Reuters. It “presents an opportunity to access no Show less Read more
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