Kenya: Government seeks fund worth $4.55 b for crude commercialization

Devdiscourse News Desk | Nairobi | Updated: 22-01-2021 14:34 IST | Created: 22-01-2021 14:30 IST
Kenya: Government seeks fund worth $4.55 b for crude commercialization
Representative image. Image Credit: Pixabay

For the development of pipelines, storage, and central processing facilities to the coast from Lokichar along with the up-gradation of refineries in Mombasa and Lamu Kenya is seeking investment worth $4.55 b (KSh599 b), said H.E. John Munyes, the Cabinet Secretary for Petroleum Ministry, according to a report by Africa Oil&Power.

The emerging oil producer in the country are been trucking the crude from Turkana to the coastal region currently, blocking both resultant economic and commercialization growth, as per the report.

Adding on the infrastructural capabilities, Munyes said, "we tested market for our oil, and the oil is good. But Kenya suffers from one problem; our flow and average flow are weak in such a way that we cannot commercialize our crude oil with our current [infrastructure] capabilities". "We could upgrade the refinery in Mombasa, which is currently being used to store our crude oil. We are also considering having a model refinery in Lokichar", he added.

After the discovery of oil in Blocks 10BB and in Turkana's 13T in 2012, the East African nation has been recognized as the next major oil producer of the region still it has not been able to commit large-scale commercialization because of lack of investment.

The Kenyan Government is seeking private investors to fund the infrastructural development with several companies, according to the Munyes.



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