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.