The National Treasury has set aside funds to buy out Indian firm Essar Energy from their 50:50 joint ownership of the Mombasa-based oil refinery. Dr Kamau Thugge, the National Treasury Principal Secretary, said government’s final negotiations with Essar Energy on exit from joint ownership of the Kenya Petroleum Refineries (KPRL) were under way. Dr Thugge said the final talks will centre on possible signing and closure of the exit agreement.
The Principal Secretary made the remarks while speaking to the National Assembly House Committee on Finance, Planning and Trade.
The funds to pay Essar are included in government investments vote of Ksh12 billion.