Kenya Exports First Batch of Crude Oil

Date : 08/26/2019 @ 12:57PM
Source : Dow Jones News
Stock : Tullow Oil Plc (TLW)
Quote : 52.66  7.02 (15.38%) @ 4:35PM
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Kenya Exports First Batch of Crude Oil

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    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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