- The company is set to export 200,000 barrels of crude oil from the country
- It was among eight companies that placed bid to buy the country's first batch
- The sale is aimed at testing reception of the country's low-sulphur oil in the international market
A Chinese firm based in the United Kingdom has won bid as buyer of Kenya's first KSh 1.2 billion worth of crude oil.
ChemChina UK Limited, a subsidiary of ChemChina Petrochemical Co Ltd, was one of the eight companies that placed a bid to buy the country's first crude oil.
READ ALSO: Kenyan newspapers review for August 16: US denies visa to Kenyan MPs over link to drugs, terrorism
READ ALSO: Nimechoma maiti 9,000 Kariokor lakini mimi ningependa kuzikwa- Robert Mwania
In a joint statement by the oil mining contractor, Tullow Oil, and the government of Kenya said the company won the bid on a competitive basis.
“An invitation to bid was issued to prospective buyers on July 26, 2019, and to which there was a strong response with eight bids were received from international firms European and Asian refineries,” said the statement.The company which is engaged in crude oil trading and shipping of fuel oil has its businesses in North America, South America, West Africa and the the Mediterranean region.
READ ALSO: Nakuru Senator Susan Kihika shoved, slapped by Uhuru's security detail
The transaction was concluded with 2,000 barrels at the cost of KSh 1.2 billion.
The oil is currently stored in the partially rehabilitated Kenya Petroleum Refineries Ltd in Changamwe after being transported in trucks from Turkana.
Kenya discovered its first oil deposits in 2012 and the first export is set to test reception of the country's low-sulphur oil in the international market ahead of commercial production which is set to begin in 2023.
Do you have a groundbreaking story you would like us to publish? Please reach us through news@tuko.co.ke or WhatsApp: 0732482690. Contact Tuko.co.ke instantly
Subscribe to watch new videosSource: TUKO.co.ke
ncG1vNJzZmivp6x7tcHKqGWcp16gsnB%2FkGxnbWtdoLKvxcBmqp6knKh6rL%2FHZmhrZZKeua21zqdknKqlmbJuu8ilZJygmaOytLGMn6CrpV6dwa64