Home Business Kenya joins league of crude oil exporters

Kenya joins league of crude oil exporters

- Advertisement -

Kenya has joined the league of crude oil exporters in Africa.

President Uhuru Kenyatta flagged off the maiden oil shipment today at a ceremony in the port of Mombasa, with a warning against corruption that may deny people the opportunity to benefit from the resource.

- Advertisement -

The crude oil will be shipped by Chinese state-owned firm ChemChina which won the tender to buy the maiden Kenyan oil at a premium early this month, the Standard of Kenya reported.

The Government on August 1 announced that the oil produced in Turkana and stacked at the Kenya Petroleum Refineries Ltd’s (KPRL) storage facilities in Mombasa would be sold at Sh1.2 billion ($12 million).

Uhuru said the country with its partners will continue to pursue natural resources but without compromising the future generation.

He said more resources would be channelled into upgrading infrastructure that would ease transport of oil from the fields to the port.

“The government will ensure that the local communities benefit from the oil and that the fruits of the resource are also shared in an equitable and sustainable manner.

“I urge all those in charge to avoid any misuse of the resource that would deny others from its benefit,” he added.

Petroleum Cabinet Secretary John Munyes said plans are underway to have a pipeline between Turkana and Lamu Port to ease transportation of the oil.

“The 2020 plan for a pipeline connecting Lokichar-Lamu are on track, we need more commitments on land and water to enable us to move faster with everything,” he added.

Representatives from Tullow Oil, Total, and governors from Lamu, Mombasa, West Pokot, Kwale, Taita Taveta and Turkana Deputy Governor attended the Monday event.

The export of the Crude Oil will start with a shipment of 200,000 barrels marking Kenya’s entry into the league of oil-exporting countries, the Standard said.

Tullow estimates that Kenya’s onshore fields in Turkana hold 560 million barrels of oil and expects them to produce up to 100,000 barrels per day from 2022.

All Rights and Copyright © belongs to Source:

SOURCE: PM News

alltechng
Technology is making life more meaningful, improves productivity... We are tech lovers...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Cashless Policy Will Negatively Affect MSMEs, Employment Generation, MAN Warns

The Manufacturers Association of Nigeria (MAN) has expressed concerns over the planned implementation of the cashless policy introduced by the Central Bank of Nigeria...

Will National Assembly approve Buhari’s $29.9bn loan request – Must Read

A lot of people are worried over the $29.9billion loan request, which President Muhammadu Buhari recently presented to the Senate for approval. The worry is...

Christmas: We are capable of meeting demands – rice millers

The Nasarawa State Chapter of Rice Millers and Dealers Association of Nigeria (RIMDAN) says it has enough local rice to meet demands of customers...

Mac Pro Computer and Pro Display XDR Update

Apple has announced the pre-order launch date for the Mac Pro and Pro Display XDR. The company sent out letters to potential buyers stating...

NEW Samsung Note 10+ 5G Phone

NEW Samsung Galaxy Note 10+ 5G in this Samsung unboxing. This 5G phone is compatible with T-Mobile's new 5G Network. It has a beautiful...