News
Kenya Enters Big Boys Oil Club With First Sh1.2B In Crude Oil Sales
President Uhuru Kenyatta on Monday flagged off the first shipment of 200,000 barrels of crude oil from the port of Mombasa as Kenya enters the league of oil exporters.
The President pledged that the country’s oil windfall would be put to good use with a warning against corruption that may deny people the opportunity to benefit from the resource “We will ensure that Kenya’s natural resources are utilised in a manner that yields maximum dividends today, but without compromising the interest of future generations,” the President said.
The UK-based Chinese company, ChemChina, bought the first batch of the Kenyan crude oil at Sh1.2 billion (USD12 million).
According to Tullow Oil CEO Paul McDade, the shipment happening at the Kipevu Oil Terminal in Mombasa will continue for the next 18-24 months.
Kenya’s journey to become an oil exporter began in 2012 when Tullow Oil discovered commercial oil reserves in the Lokichar basin in the northern county of Turkana.
During the flagging of the oil cargo, Mombasa County Governor Hassan Joho humbly appealed to the President to set up a meeting to see how they can take advantage of the oil expedition and diversify the economy.
“We understand, right from Turkana to Mombasa, different people have contributed to ensure we make the first export today. And I ask for equitable sharing of resources according to our laws. We also have to reinvest the proceeds in infrastructure to improve lives of Kenyans,” the president stated addressing governors Hassan Joho, John Lonyangapuo and Salim Mvurya.
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