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Uganda in talks with UAE investment firm over planned oil refinery

Uganda in talks with UAE investment firm over planned oil refinery

UGANDA is negotiating with an investment company led by a member of Dubai's royal family to develop a planned $4 billion refinery for some of its crude oil, its energy minister said. Uganda in July last year terminated negotiations with a consortium that included a unit of U.S. firm Baker Hughes over its failure to mobilise financing in time. Uganda is counting on the 60,000 barrel-per-day refinery for its nascent hydrocarbons industry. "Expressions of interest were received from several potential investors and they were evaluated ... following which a memorandum of understanding was signed on the 22 of December 2023," Minister…
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Carrefour’s Kenya franchisee says it will appeal $7.2 mln penalty

Carrefour’s Kenya franchisee says it will appeal $7.2 mln penalty

CARREFOUR'S franchisee in Kenya, the United Arab Emirates-based Majid al Futtaim (MAF), said that it will appeal against a 1.1 billion shilling ($7.14 million) penalty imposed by the competition authority for alleged abuse of buying power. The regulator Competition Authority of Kenya on Tuesday announced the fine, a record high in the East African nation, saying MAF Kenya was guilty of offering two local suppliers unfavourable terms. "Majid Al Futtaim has full confidence in the fairness and integrity of our business practices and is appealing the Competition Authority’s decision," the company said in a statement. In arriving at its decision, the authority…
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