British law firm awarded refinery advisory tender
Posted Thursday, October 17 2013 at 01:00
Role. The firm will offer financial advice concerning the oil refinery.
London-based law firm, Eversheds has won the tender to advise government in the procurement of a suitable investor for the Greenfield oil refinery complex.
The firm will serve as a sub-consultant for US’-based Taylor Dejongh; which is the main contractor in offering financial transactional advice for the 60,000 barrels-per-day refinery.
The Daily Monitor has established that the Eversheds team led by Mr Ramu Ramaswamy and Mr Howard Barrie, will offer (sole) international legal counseling to the project.
Mr Barrie in a statement said the refinery decision made by government is “a landmark strategy” to harness the country’s petroleum resources and enter the market for refined petroleum products.”
“Appointing the lead investor and operator is an important milestone for the project and we are working closely with the Ministry of Energy & Mineral Development to seek to ensure a successful partnership with the right bidder.”
Last week, the government said that it had started receiving “Statements of Qualifications” [SOQs] from “appropriately qualified” and interested investors to finance the $2.5 billion (Shs6 trillion) refinery development whose construction slated for 2015.
Taylor Dejongh, which was contracted late last year, will review the SOQs, and manage the international competitive tenders, and advise on the appointment of the suitable consortium.
Also advising on the project are; Katende Ssempebwa & co (local legal advisers), and ACMIRS partners, who previously conducted the Performance Audit of the 120MW for Kiira Hydro-generation plant.
Ms Gloria Sebikari, a communications officer at the Petroleum Exploration and Production Department (PEPD), yesterday confirmed the new development.
“Yes they were hired, but as a sub-consultant of Taylor Dejongh,” she said.
The refinery will be owned by the preferred investor/consortia in a [ratio] of 60:40 Public-Private Partnership (PPP) with government, and other East African states which will each purchase a 10 per cent stake. Local oil refining will begin with 30,000 barrels a day, and will increase to 60,000 by 2018, to cater for local demand and exports.