In a bid to fortify the nation’s petroleum supply chain infrastructure, the Kenya Pipeline Company (KPC) is set to acquire the non-operational Kenya Petroleum Refineries Limited (KPRL) without incurring any costs. The Cabinet recently granted approval to this plan, which involves the transfer of shares of the refinery from the Treasury to KPC. The move comes as the government seeks to bolster the security of the petroleum supply in the country.
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Mr Tom Mailu, the acting general manager of KPRL, confirmed the Cabinet’s green light and explained that the objective behind the acquisition is to increase the value of the facility for shareholders. Speaking to the Business Daily in a telephone interview, Mr. Mailu expressed the need for the transfer to take place without financial implications so that the refinery’s potential can be fully harnessed.
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Mr Mailu sees this as a great opportunity to make Mombasa a storage hub by increasing KPC’s storage facility and infrastructure. KPRL had been placed under the management of KPC back in 2017 as a storage facility for imported crude oil.
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