Commodity trading giant Vitol has committed to providing $2 billion in loans to the Ugandan government for energy infrastructure projects, including a significant refinery initiative. This 60,000-barrel-per-day facility is a pivotal component of the East Africa Crude Oil Pipeline, which aims to transport Ugandan crude to Tanzania’s coast. The Ugandan government initially sought funding for the $4 billion project through international financial markets but was unsuccessful, leading to this arrangement with Vitol.
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In the past month, Oil – US Crude has seen a price decline of approximately 5.97%, while Oil – Brent Crude has decreased by about 6.39%. Both assets currently carry a 1-day technical analysis signal of Sell and Sell, respectively, indicating bearish sentiment in the short term. Investors can explore more updates, prices, and analysis across global markets at Commodities.