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Thursday, December 31, 2015
The National Social Security Fund (NSSF), Uganda’s only pensions firm, is looking to pick up a stake in the country’s planned refinery. The $2.5 billion, 60,000 bpd refinery is to process crude produced by Tullow Oil and its partners CNOOC and Total from their development in the Lake Albertine Basin.
The country is developing the refinery as a public private partnership venture with the government taking up 40% and the remaining stake going to a private operator. “We’ve definitely been approached…We want to be part of the people who own the refinery so we’ll buy some equity,” Richard Byarugaba, NSSF’s managing director was quoted by Reuters as saying.
It was not disclosed what size of a stake the NSSF was looking at taking but Byarugaba did say discussions with the government were still ongoing. Currently the NSSF has $1.79 billion worth of assets, traditionally investing in equities, real estate, and both government and corporate debt.
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