Kenya Exports First Batch of Crude Oil
August 26 2019 - 08:57AM
Dow Jones News
By George Mwangi
Special to Dow Jones Newswires
NAIROBI, Kenya--Kenya has exported its inaugural batch of
200,000 barrels of crude oil at the port of Mombasa, the
president's office said Monday.
Chinese state owned firm, ChemChina UK Ltd., which won the
tender to buy the maiden Kenyan oil early July, made the shipment
to Malaysia. The firm, which is the oil trading arm of ChemChina
Petrochemical, is engaged in crude-oil trading, storage and
procurement of the commodity.
The Chinese firm bought the crude oil at cost of $12 million
from Tullow Oil PLC (TLW.LN), which in 2012 struck commercial oil
reserves in the northern county of Turkana at the Lokichar
basin.
Since last year, the crude oil has been transported to the port
using trucks. Kenya plans to build an oil pipeline from Turkana to
the port by 2022.
Tullow estimates that Kenya's onshore fields in Turkana hold 560
million barrels of oil and expects them to produce up to 100,000
barrels a day from 2022.
Write to Barcelona Editors at Barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
August 26, 2019 08:42 ET (12:42 GMT)
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