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Kenya’s president, Chinese officials

inspect offshore Kipevu Oil Terminal

KENYA KENYAN President Uhuru Kenyatta and vis- adequate supply of fuel for our needs and devel-
iting Chinese officials inspected the ongoing opment needs that of our people.This terminal,
construction of the KES40bn ($354mn) offshore once commissioned in a few weeks’ time, will
Kipevu Oil Terminal, the largest of its kind in result in the saving of almost KES2bn that we are
Africa, on January 6. currently paying every year because of demur-
According to a press release from the presi- rage occasioned by the long queues of vessels
dent’s office, the construction of the 770-metre- parked outside our harbour waiting to discharge
long jetty is now 96% complete and set to be their product,” President Kenyatta said.
completed in April. Wholly funded by the Chinese lenders hold some two-thirds of
Kenya Ports Authority (KPA) and implemented Kenya’s external debt, and many people in the
by China Communications Construction Com- East African country fear it may lose control of
pany, the offshore facility will be able to load and key facilities, including the Mombasa port, if
offload very large sea tankers of up to 200,000 Kenya fails to repay the loans. ™
DWT carrying all categories of liquid fuels,
including crude oil, petroleum products and
LPG.
President Kenyatta, accompanied by visiting
Chinese Foreign Affairs Minister Wang Yi, said
the new jetty will enhance supply and ensure the
price stability of petroleum products in Kenya
and the region by replacing the 50-year-old
onshore Kipevu Oil Terminal (KOT).
When operational, President Kenyatta noted
that the new offshore jetty will save the country
in excess of KES2bn annually in demurrage costs
incurred by oil shippers, thereby contributing to
a significant reduction in fuel pump prices.
“Once complete, the new facility will be able
to reduce not only the cost of fuel but also to
ensure that Kenya is able to consistently have an Kenyatta (3rd from left) visited the terminal on January 6 (Photo: President.go.ke)

INVESTMENT
Five Nigerian firms seen bidding

for Shell’s 30% stake in SPDC

NIGERIA SEVERAL Nigerian private-sector companies Troilus Investments and said the asset might
have shown interest in joining Shell Petroleum fetch as much as $2-3bn. No international oil
Development Co. (SPDC), a joint venture that companies (IOCs) are anticipated to bid for the
operates 19 onshore oil and gas licences in the SPDC stake, they added.
southern part of the country, Reuters reported All of the Nigerian companies are looking to
last week. buy the 30% stake currently held by an affiliate
Industry and banking sources told the news of Royal Dutch Shell (UK/Netherlands), which
agency that at least five Nigerian independents has been active in the West African state since
had indicated that they were ready to submit the 1930s. The multi-national began discus-
offers for a 30% stake in SPDC before the end sions with officials in Abuja on the sale of its
of January. They named the potential buyers as holdings in SPDC last year, saying it wanted to
Famfa Oil, Niger Delta Exploration & Produc- optimise its portfolio and reduce carbon dioxide
tion (NDEP), Sahara Group, Seplat Energy and emissions.

P6 www. NEWSBASE .com Week 02 12•January•2022