Kenya invites firms to assess viability of oil reserve

24/05/2011 - Kenya property & investment news Posted by Neil King
Kenya invites firms to assess viability of oil reserve

Companies considering investing in Kenya might be keen to learn that the National Oil Corporation of Kenya (Nock) has invited firms to assess the viability of establishing an oil reserve.Nock has also encouraged experts to look into what kind of supporting infrastructure would be needed to create a national petroleum reserve.The reserve is needed to stem supply disruptions as well as to protect Kenyans from major fluctuations in global oil prices.According to the Expression of Interest reported by Business Daily Africa: "The consultant is expected to consider the need to invest in infrastructure for holding strategic stocks and easing the constraints within the existing petroleum distribution."Nock was given the mandate to create such a reserve in 2008, however, the contingency plan encouraged challenges in raising the necessary funds.The urgency of the situation fell but rising crude oil prices have once again attracted interest in the situation.