The acquisition of KPRL by KPC has been completed making KPRL a subsidiary of KPC.
At the signing of the Share Transfer Agreement (STA) at the National Treasury on Friday, 27th October 2023, the Ministry of Energy and Petroleum Cabinet Secretary, Mr. Davis Chirchir said that besides enhancing the storage capacity of petroleum products in the country, the take-over will accelerate the proliferation of per capita use of Liquefied Petroleum Gas (LPG) through the development of LPG bulk import handling and storage facilities at the Kenya Petroleum Refineries Limited tank farm in Changamwe, Mombasa. He added that the acquisition will aid in the upgrade, rehabilitation of Kenya Petroleum Refineries Limited, and push the planned capacity enhancement of the pipeline system throughout the Country as well as bring social and economic benefits to the coast region and to Kenya at large.
In attendance at the ceremony were PS State Department of Petroleum, Mr. Mohamed Liban, KPRL Directors; Ms. Lilian Mahiri-Zaja, Mr. Henry Karinga, and Mr. Joseph Ngugi, Ag. CEO-KPRL CPA. Joseph Ndoti, KPC Managing Director Mr. Joe Sang, and other Management representatives from the Ministries, KPRL, and KPC.
Below is the statement from the CS, National Treasury – Prof. Njuguna Ndung’u during the signing of the Share Transfer Agreement:
“The Government through the National Treasury is transferring 100% of its shares held at KPRL to KPC without any monetary consideration. This asset if well leveraged will boost the value of KPC and position it to deliver better value to the government and the general public. It will also better position KPC to serve our strategic interests by bolstering its storage capacity.” Prof. Njuguna Ndung’u – CS, National Treasury