Kenya to buy Essar stake in KPRL

Jun 24, 2016 12:00 AM

The Kenyan government will purchase the 50% stake in Kenya Petroleum Refineries Ltd. (KPRL) held by Essar Energy Overseas Ltd.

Although an agreement on transfer of shares has been reached, a purchase price was not disclosed.

The transaction marks Essar’s complete exit from KPRL, which operates a refinery in Mombasa, Kenya. The government will now hold 100%.

Essar became a shareholder in KPRL in 2009 through the acquisition of shares from three companies.

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