ASIA: Malaysia, Uganda plan joint venture for oil production, refining

Malaysia and Uganda will enter a joint venture to produce and refine oil in the eastern African nation, officials said Tuesday.

Malaysian Prime Minister Abdullah Ahmad Badawi and Ugandan President Yoweri Museveni agreed on the collaboration on the sidelines of an anti-poverty gathering of African and Asian leaders in Malaysia that ended Tuesday, according to a Ugandan government statement.

Abdullah is expected to dispatch a team of oil exploration experts to Uganda soon to conduct a feasibility study on the project, the statement added.

Malaysia’s national oil-and-gas firm, Petronas, is keen to help explore for oil and gas in Uganda, the company’s president, Hassan Marican, was quoted as saying by the national news agency, Bernama.

At the conference, Museveni and Abdullah also agreed to cooperate in other sectors, including the development of a railway network in Uganda and the export of Ugandan organic food products to Malaysia.

Via: Teheran Times