Standard Chartered Bank Kenya told to finance for an upgrade

25/08/2011 - Kenya property & investment news Posted by Bob Brunskill
Standard Chartered Bank Kenya told to finance for an upgrade

Kenya Petroleum Refinery Ltd, the country's sole refinery, has told Standard Chartered Bank Kenya to source $1 billion in finance for an upgrade, it has been confirmed.Martin Heya, Kenya's commissioner for petroleum, explained to Dow Jones Newswires that the contract signed earlier this week is designed to allow Standard Chartered Bank to source for financiers."The feasibility of the upgrade has already been done and the upgrade is expected to be completed by 2015," he remarked.Further to this, the bank has confirmed that it plans to help the refinery structure and also package the financial plan.Neil Van Niekerk, Standard Chartered's project and export finance director in East and Southern Africa, told The Nation: "Our mandate is to ensure that the financing meets international standards, including environmental and social safety standards."Meanwhile, KenolKobil, the Kenyan oil marketer, recently won a tender to import and deliver 160,000 tonnes of Murban crude oil to Kenya in October.