Petroleum Africa
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Thursday, June 5, 2014
Kenya is looking for crude oil and natural gas for feedstock at its power generation plants and has turned its eyes toward Nigeria to fill its need. The government of Kenya is looking to get these supplies from Nigeria at concessionary prices, which will help reduce the overall cost of powering the country.
According to The EastAfrican, documents show that Kenya made the request for preferential treatment by Nigeria three weeks ago in a deal that could see Nairobi hand over oil exploration blocks to Nigeria. The deal was apparently part of discussions that took place between Kenyan president Uhuru Kenyatta and his Nigerian counterpart Goodluck Jonathan during a meeting of the two in Abuja.
While no details for the deal have been firmed up, Kenya and Nigeria did sign a MoU that sets the tone for future deals that would see Nigerian firms negotiating for blocks in Kenya.
“The MoU gives us a starting point… We are now trying to agree on terms like pricing, duration of the concession…” Amina Mohamed, Kenya’s Cabinet Secretary for Foreign Affairs and International Trade, told The EastAfrican.
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