Kenya is negotiating with Saudi Arabia over importing crude oil from the OPEC’s member. The negotiations are part of the Kenyan government plan to import cheaper crude to be refined locally, Petroleum Africa reported.
According to Capital FM, Kenyan President, Uhuru Kenyatta, discussed his government’s desire to cooperate with Saudi Arabia over oil imports during a meeting with a delegation of over 30 major Saudi investors, led by Saudi Arabia’s Commerce and Investment Minister, Majed Bin Abdulla Alqassabi, at Sate House Nairobi, last week.
The Saudi investors disclosed their desire to invest in the country, expressing their observance of the improved business environment created by President Uhuru Kenyatta’s administration.
Kenya is planning to invest $1b in increasing the refining capacity of its Mombasa refinery. In addition, the country plans to establish itself as a major regional hub for the distribution of petroleum products.
“We have taken deliberate efforts to create a conducive environment for foreign and domestic investment to thrive side by side. We urge you to take advantage of the huge opportunities that we have created, key among them being infrastructure projects” the Kenyan President, Uhuru Kenyatta, stated.