Kenya’s National Oil Corporation Signs Agreement with Equity Bank and Eqwipetrol to Improve Access to Petroleum Products

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National Oil Corporation of Kenya (NOCK), a fully integrated State organization involved in all aspects of the petroleum supply chain, has unveiled a plan designed to improve access to petroleum products in the country.

The Corporation has launched a partnership between itself, leading lender, Equity Bank and Eqwipetrol, a new local fuel supply company.

The deal will involve partnerships with independent fuel stations to supply products in rural and peri-urban parts of Kenya.

Speaking at the event on May 29th, 2018, Ecopetrol CEO Shiro Mwangi noted that the partnership would enhance the access to clean and affordable petroleum products for Kenyans.

“Eqwipetrol will enable independent retailers to plan for fuel demands, order fuel through the Eqwipetrol App, track their fuel consignments through a GPS system, access credit through a partnership with Equity Bank and acquire a brand identity across various geographic locations,” Mwangi explained.

National Oil Corporation CEO Ms Jane Mwangi, noted that the partnership would be critical to the achievement of their mandate which is to come up with mechanisms to supply fuel to the inaccessible parts of the country.

“Our people, in the Kenyan spirit of enterprise, remain the foremost solution in addressing the missing link towards helping Mwananchi access clean and affordable petroleum products wherever they are. It is for this reason therefore that in the last two years, National Oil Corporation of Kenya has aggressively pursued a strategy of partnering with independent petroleum dealers either as branded franchisees or unbranded outlets commonly refer to as DODI,” she said.

Equity Marketing Director, David Nyamu pointed out that the partnership with Eqwipetrol and National Oil had come at a time when businesses were struggling to access credit to expand their fuel supply businesses as result of the tough economic climate occasioned by the extended electioneering period.

“The partnership with Ecopetrol and National Oil will be critical for scaling up and replicating success enjoyed by partnering with independents. Fuel retailers who have a capital challenge can now borrow money, scale up their supply and create employment opportunities in different parts of the country,” Nyamu added.

Kenya’s ICT Minister, Joe Mucheru, on the other hand, noted that the move to coordinate fuel supply through Information Technology was a step in the right direction for the rapidly expanding oil and petroleum sector in the country.

“By integrating the benefits of information technology, we are now able to serve independents in far-flung parts of this country in a timely and cost-effective manner. As an independent dealer, you will be able to log in to your mobile device, place an order for the products you wish delivered, make payments online and track delivery of your product up to your station all at the comfort of your home or office,” he explained.

 

Ecopetrol has already signed up 300 independent fuel suppliers and they hope to scale up the numbers and reach fuel consumers all over the country.

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