National Oil petrol station [Photo/The Star]
The Government of Kenya has announced plans to raise Sh 103.2 billion through the listing of National Oil Corporation on the National Securities Exchange and London Stock Exchange.
The move is set to take place as early as 2019 after the country struck oil in 2012. The oil is estimated to provide full production in 2021 following the completion of a Ksh 2.2 billion crude oil pipeline between the Lamu port and the cost of the Indian Ocean.
“We need to raise money for our back-in rights,” says Andrew Kamau, the principal secretary for petroleum at the Ministry of Energy.
Kamua is still yet to disclose what stakes National Oil plans to take up in the oil blocks and is still yet to confirm the listing plans.
National Oil Corporation which is a state-owned company handles the states interests in a variety of activities surrounding the petroleum sector.
The government earlier this year also shared plans to issue bonds both domestically and abroad to help raise funds for investment in the petroleum.