The Kenya Pipeline Company (KPC) paid a Lebanese contractor Sh2.85 billion as penalty and interest in the financial year ended June 2024, contributing to a 44 percent dip in its cash reserves, new disclosures showed.
The State-owned firm said in its latest annual report that interest and penalties were paid to Zakhem International Construction (Kenya) Limited concerning construction of a new oil pipeline from Mombasa to Nairobi between 2014 and 2018.
