Kenya’s ability to meet the rising demand for petroleum products in the East African region has improved, Brand Kenya, the custodian of the country’s trademark has said.
Since a new truck loading facility in the country’s Eldoret area in Uasin Gishu County became operational in July 2017, evacuation of the product has increased from 4 million to 6.5 million litres a day.
The country’s Energy Ministry says its famous Mombasa-Nairobi oil pipeline project – which links tow of Kenya’s major economic hubs – will soon see the installation of 6 pumps all with new firefighting systems, energy efficient equipment, and pipeline monitoring technologies.
The Brand Kenya Board says the ongoing construction of an oil jetty in Kisumu on the shores of Lake Victoria is set to be completed by end of this year.
“It will go a long way towards boosting fuel EA exports through Uganda and Tanzania,” Board officials confirmed.
The Kisumu oil jetty will boost throughput by 1 billion litres a year in its first phase and up to 3 billion litres per year by 2028, turning Kisumu into a focal point of oil and gas commerce in the region.
These developments come just as Kenya’s government has initiated plans to sell a stake in state-owned oil firm, National Oil Corporation.
The move will see investors get a chance to acquire shares in the state corporation when the shares are made public through an initial public offer (IPO), with the government using the move to raise cash to fund activities in the nascent oil industry
Kenya’s Ministry of Energy and Petroleum said this week that National Oil will be dual listed on the Nairobi Securities Exchange and the London Stock Exchange.