Money Markets
Total gets Sh7.5bn loan to buy Chevron’s Kenya assets
Oil marketer assembles a consortium of six Kenyan banks for a five-year cash deal
Posted Tuesday, September 29 2009 at 00:00
Nock, which came second in the bid for Chevron Kenya assets last year, is however negotiating to buy about 12 petrol stations.
Total Kenya beat Kenyan rivals to the Chevron buyout bid after the American oil company decided to exit the African Market in what it termed as a strategic re-organisation of its operations.
Some of the other assets that Total will have to part with include a liquefied petroleum gas filling station in Nairobi, a bulk storage facility in Kisumu, aviation and lubrication plants and terminal facilities in Mombasa.
Total Outre Mer, a subsidiary of the French based Total Group, controls over three quarters of Total Kenya’s total voting rights. About 6,000 minority shareholders own 36 million shares in the firm.
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