Essar Oil acquires half of Kenyan refinery

Essar Oil will buy 50% of Kenya Petroleum Refineries in its first refinery acquisition outside India.

Essar Oil will buy 50% of Kenya Petroleum Refineries for an undisclosed amount. The purchase is being made through a subsidiary, Essar Energy Overseas, and the shares are being bought from existing shareholders including The Shell Petroleum Company which owns 17% of the business, Chevron Global Energy 16%, and BP Africa 17%.

The remaining 50% of the refinery, which has a capacity of four million metric tonnes a year, will reside with the Government of Kenya.

The...

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