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Kenya Starts Crude Oil Exports at Ksh.1.2B

President Uhuru Kenyatta declared that Kenya has exported its first crude oil which is been sold in a deal that has seen the country earn Ksh.1.2 billion.

“We are now an oil exporter. Our first deal was winded up this afternoon with 200,000 barrels at a price of 12 million US dollars,” said President Kenyatta.
 
The crude is currently being stocked at the partially renovated Kenya Petroleum Refineries Limited in Changamwe, Mombasa. The consignment has been delivered by trucks since July last year under the early oil project scheme.
 
“So, I think we have initiated the journey and it is up to us to enable that those resources are put to the best use to make our country both successful and to ensure we wipe out poverty,” said Kenyatta.
 
The news is also expected to create motivation in the Lokichar oil fields where Tulllow Oil and its joint partners continue to explore more blocks for oil.
 
Kenya discovered its first oil deposits in 2012 and since then, explorations have continued in the Lake Turkana Basin with extra deposits being noticed.
 
In last media reports, Tullow Oil predicted some 560 million barrels in probable reserves.
Tullow further indicated that this would convert to 60,000 to 100,000 barrels per day of gross production, which is said to be incomplete to warrant the construction of a refinery locally, hence the export plans.
Source : www.bizaf.com
Posted On: 8/2/2019 12:00:00 AM

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