Corporate News
Kenya Refinery secures Sh21bn from bank for crude imports
Kenya Petroleum Refineries Ltd (KPRL) has secured a Sh21.2 billion loan from Standard Chartered Plc, giving it the financial muscle to start importing its own crude from July 1.. File
Posted Wednesday, June 20 2012 at 18:58
The upgrade is expected to sharply reduce the cost of refining oil and increase the amount of Liquefied Petroleum Gas (LPG) produced locally, leading to lower prices for consumers.
Fuel prices have a huge impact on inflation levels in the economy which is highly dependent on diesel for transport, power production, and agriculture while kerosene is used in many homes.
Industry players have pushed for the upgrade and conversion of the refinery into merchant status, saying petroleum products processed at KPRL cost more than imports, causing oil marketers to favour imports.
RSS