Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases : Barclays Sign USD13.5m Loan Agreement with Kenya Petroleum Refinery

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Kenya: Press Releases : Barclays Sign USD13.5m Loan Agreement with Kenya Petroleum Refinery

Thursday, 01 September 2011

Nairobi, 30 August 2011 --- Barclays Bank of Kenya Ltd have extended a USD13.5m (KES1.25bn) credit facility to the Kenya Petroleum Refineries Ltd. (KPRL) for the acquisition of a 10MW power plant at the refinery in Mombasa.

While confirming the transaction, Barclays Kenya Managing Director Adan Mohamed said: “We are delighted to enter into this strategic and mutual business partnership with KPRL that will no doubt secure the future of the refinery by boosting its efficiency and raising its competitiveness in one bold move. This capital investment project also is well timed, coming at a time when the refinery undertakes other modernization projects, with a view to meet the ever-growing demand for petroleum products across the East African region.”

Mr. Mohamed noted the investment was important as it should improve efficiency and provide a competitive edge for the refinery as KPRL management strive to meet petroleum demand. With its own power source, the refinery will cut the significant operational costs associated with losses due to inconsistency in power supply.

KPRL Chief Executive Officer Mr. Bimal Mukherjee appreciated the role that Barclays has played as a reliable financial partner in the important infrastructure development project. “The refinery currently incurs significant losses due to inconsistency in power supply. The investment is therefore critical towards resolving some of the current fuel supply constraints and infrastructure bottlenecks that we have been experiencing,” said Mr. Mukherjee.

The signing of the loan agreement was witnessed by the Permanent Secretary in the Ministry of Energy, Mr. Patrick Nyoike, KPRL Chairman Hon. Suleiman Shakombo, and KPRL Chief Finance Officer and Company Secretary, Mr. Stephen Mbui and Mrs. Caroline Katisya Njoroge respectively.

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