Business

Struggling National Oil Puts Up Ksh 566 Million Property On Sale

Published

5 years ago

November 11, 2019

[Image | Courtesy]

State-owned National Oil Corporation of Kenya which has been revealed to be operating at the mercy of bank overdrafts and facilities from commercial lenders has now put up property worth Sh.566 million up for sale.

The oil marketer offered the retail stations and prime land in a listing tender notice on its website. “National Oil Corporation of Kenya invites sealed tenders from eligible candidates to purchase National Oil assets and parcel of land… The assets are sold on “as is, where is” basis.”

The listing delivers a huge blow on the marketer who had announced plans to open 185 new retail stations across the country over the next three years as part of its turnaround strategy.

The properties up for sale which the firm has valued at Sh566 million include two houses — Kunde Road Residential House and Thompson Estate in Lavington Nairobi —and land in Embakasi, Nakuru and Nyahururu.

The petrol stations include Tigoni Service Station along Limuru Road in Kiambu, Hunters Service Station in Makueni County, Londiani Service Station in Londiani Town Kericho County, Sagana Service Station in Sagana Town Kirinyaga County and Bondeni Service Station in Nakuru Town.

This comes as the firm has become a circus for competing political interests and corporate intrigues after earning the dubious distinction of having three CEOs in one month.

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