essar-oil-acquires-half-of-kenyan-refinery

Essar Oil acquires half of Kenyan refinery

Essar Oil will buy 50% of Kenya Petroleum Refineries in its first refinery acquisition outside India.
January 16, 2008
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 Mombasa-based refinery is the only one in Eastern Africa. It currently produces liquefied petroleum gas LPG, gasoline, diesel, kerosene and fuel oil.

Essar Oil did not disclose the amount paid citing confidentiality, but did...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222