Kenya to get oil know-how from Arabian states
PRESIDENT Uhuru has said Kenya will rely on Arab countries to manage the newly discovered oil in Turkana county. Addressing the Third Africa-Arab Summit in Kuwait city on Wednesday, Uhuru said his government wants oil to be beneficial to Kenya and not a curse as has been witnessed in some countries.
He said Kenya is already reaching out to the region on how to extract the mineral without causing conflict. "We intend to borrow a lot and rely heavily on the brotherly generosity of Arab nations to get the knowhow and technology to conduct cost effective exploration and extraction of the resource," Uhuru said.
Africa Oil announces fifth oil discovery in Kenya
Africa Oil announced that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100m of net oil pay in good quality sandstone reservoirs.
The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Africa Oil's acreage in the region.
This discovery de-risks several follow-on prospects located to the north and on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered.
Kenya shops for new Mombasa refinery partner
The Government is considering inviting bids for a new investor for region’s only oil refinery, or converting it into a storage plant, after co-owner India’s Essar Energy said it plans to exit, officials revealed Friday. Essar said in October it would sell its 50 per cent stake in the Mombasa plant after its plans for a $1.2 billion upgrade were abandoned on the advice of consultants who said it was not economically viable. Linus Gitonga, the director of petroleum at the Energy Regulatory Commission, Kenya’s energy regulator, said once Essar’s exit is finalised by November 26, the government would take full ownership of the refinery and weigh its options.
Kenya projects 7 pct economic growth by 2017
Kenya expects its economic growth to hit 7 percent by 2017, according to the National Treasury.
The institution notes that the East African nation's economy will grow steadily in the next three years before crossing the 7 percent mark in 2017.
"In terms of fiscal years, economic growth projections translate to 5.9 percent in 2013/2014, 6.3 percent in 2014/2015, 6.6 percent in 2015/2016 and 6.9 percent in 2016/2017," says the Treasury in its Budget Review and Outlook Paper for the first quarter of this financial year received Friday.
Some of the things within the country that will contribute to the growth include improved weather conditions, low inflation and stable exchange rates.
