Xinhua News Agency cited Uganda Foreign Affairs State Minister Henry Oryem Okello as saying that the company has commenced negotiations in Kampala to conclude the project agreements.

Financing and engineering of the project will be managed by a joint venture between government and the consortium.

Okello said the firm expects to raise financing to commence construction of the 60,000 barrels of oil per day oil refinery, despite sanctions being imposed on Russia.

According to Uganda Energy Ministry, the refinery will be 60% owned by RT Global. Uganda will have an option to sell its remaining 40% stake to Kenya, Tanzania, Rwanda and Burundi.

About 2.5% stake has already been acquired by Kenya in the refinery, Okello said.