Battle for Triton’s Sh700 million assets draws in more parties

The terminal is owned by the fugitive oil tycoon, Yagnesh Devani.

Nock had offered to buy the assets at $9.4 million (Sh705 million) against Vitol’s $9.3 million (Sh698 million).

Upon completion, the terminal would give Vitol a competitive edge in the fragmented Kenya and regional petroleum market.

The receiver managers, PKF Accountants and Business Advisers, had last year indicated that the parties would litigate over whose claim has greater entitlement to the proceeds.

Industry analysts opine that the oil facility at Kipevu offers a good opportunity for investors seeking to acquire independent tank capacity to serve EAC states.