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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

President confirms Kenya begins oil export deal of 200,000 barrels

NAIROBI (Xinhua) -- Kenyan President Uhuru Kenyatta announced Thursday that the country concluded its first export deal of 200,000 barrels of crude oil for 12 million U.S. dollars.

"We are now an oil exporter. Our first deal was concluded this afternoon with 200,000 barrels at a price of 12 million U.S. dollars," he said in a statement issued after chairing a cabinet meeting in Nairobi on Thursday.

However, Kenyatta did not disclose details about the buyer.

Energy officials said the exports are aimed at gauging the international markets’ reception to Kenya’s low-sulphur oil ahead of commercial production that is now estimated to start in the second half of 2023.

British firm Tullow Oil plc which has exploration and oil fields in Turkana in northwest Kenya said last week that the Early Oil Pilot Scheme (EOPS) production was increased from 600 barrels per day to 2,000 barrels per day, and 200,000 barrels of oil have been delivered to the port of Mombasa.

In 2012, Tullow Oil discovered commercial oil deposits in the east African nation that are currently estimated at 750 million barrels.

The EOPS is being undertaken by Tullow Oil, Africa Oil Corp. and Total S.A. and the Kenyan government who own the Blocks 10BB and 13T in northwest Kenya.
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UPDATE:

Kenya plans sovereign wealth fund to hold oil revenues

NAIROBI (Xinhua) -- Kenya is considering establishing a sovereign wealth fund to hold oil revenues as the nation has begun exporting crude oil, a government official said on Friday.

Julius Muia, principal secretary of Kenya’s National Treasury, told a regional forum in Nairobi that the country’s national development blueprint requires the country to develop frameworks to ensure income generated from natural resources is properly utilized.

"One of the things we are fast-tracking is the enactment of the sovereign wealth fund bill within the medium term, so that Kenya can save funds from oil revenues," Muia said during the launch of an extractive industries seminar.

From Aug. 2 to 3, the East African Development Bank will host senior government officials from across East Africa to a workshop that will offer capacity building in better negotiating contracts pertaining to natural resource management in the extractives industries.

Kenya on Thursday announced it had concluded its first export deal for locally produced oil to sell 200,000 barrels of crude oil.

Muia said that international best practice is for revenues that accrue from natural resources to be set aside so they can benefit future generations.

He added that a sovereign wealth fund will also enhance the country’s macro-economic stability.

             

 

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