Kenya calling for fuel storage investment

21/04/2011 - Kenya property & investment news Posted by Neil King
Kenya calling for fuel storage investment

Kenya is looking for private companies to invest in fuel storage facilities.Patrick Nyoike, permanent secretary at the country's energy ministry, called for funds after the state run National Oil Corp was granted the authorisation to import 30 per cent of Kenya's total fuel requirements in order to improve supply.Mr Nyoike's remarks follow news that Kenya's sole fuel processor Kenya Petroleum Refineries has hired an engineering consultant.Bloomberg reported that the consultant will carry out work on the proposed $899 million upgrade.The work will involve a new pipeline to the western town of Eldoret from Nairobi and should be completed by August.However, the overall upgrade, for which funds are being raised by Standard Chartered Bank Plc, is not due to be finished until 2015 or 2016.The news could go some way to abating complaints regarding the rising cost of fuel since inefficiency in the energy sector is often cited as a cause of the problem.