3 December 2007
By PHILP NGUNJIRI
Special Correspondent
Kenya’s Capital Markets Authority’s has approved the acquisition of Kobil’s Kenya assets by Kenya Oil Company Ltd (Kenol).
One of the implications of the move is that Kenol will have a much larger asset base with which to negotiate more favourable borrowing terms from banks.
Kenol will also have more negotiating power with respect to suppliers such as overseas oil producers, according to a statement by Kenol/Kobil’s acting chairman and group managing director Jacob Segman.