According to the Minister of Energy and Mineral Development Irene Muloni, the country aims to increase earnings from its hydrocarbon reserves in the Albertine Basin in Western Uganda and hopes to add value to its crude output.
Following the selection, SK Energy and RT-Global Resources will go ahead with the final phase of the bidding process.
Two other companies that were knocked out of the bidding process include China’s state-owned China Petroleum Pipeline Bureau (CPPB) and Japan’s Marubeni.
Marubeni’s proposal lacked a bid bond while CPPB’s proposal was not in line with the tender requirements.
According to officials, announcement of the final winner is expected to be made by the end of the fourth quarter of 2014. Taking up a 60% stake in the project, the winner will also develop and operate it.
