Government suspends negotiations with Rostec Global Resources (RTGR) Consortium for the role of Lead Investor for the Uganda Refinery Project and draws the Bid Bond.
KAMPALA, July 01, 2016 - The Government of Uganda has halted negotiations with Rostec Global Resources (RTGR) led Consortium of Russia for the selection of the lead Investor of the Uganda Refinery Project.
The Government team had shortlisted two bidders namely RTGR which was ranked as number one and the Preferred Bidder and the other led by SK Engineering of South Korea ranked as second and Alternate Bidder.
The Government of Uganda has been in negotiations with the RT-GIobal Resources Consortium for the last 44 months.
Final agreement was reached in principle in May this year. However, just prior to the expected signature date at the beginning of June 2016, the RT-GIobal Resources Consortium made additional demands from the Government, seeking to reopen and renegotiate issues that had already been agreed between the parties. Consequently Government was left with no choice but to halt negotiations and draw the bid bond.
Government is now proceeding to invite the Alternate Bidder - SK Engineering & Construction for negotiations.
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