How do Kenya's informal oil traders figure in new oil roadmap?
Big changes have ensued in Kenya's oil sector in the last year, with giant oil producers exiting the market and recently President Ruto's government has proposed to bring structural changes under a new roadmap for its oil sector.
CNBC AFRICA is joined by Martin Chomba, Chairman of Petroleum Outlets in Kenya to talk about what this means for the large majority of oil traders in Kenya.
Fri, 26 May 2023 10:37:03 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Exit of minority shareholders leads to government assuming full ownership of exploration projects.
- Increase in estimated crude oil production from 70,000 to 120,000 barrels per day drives infrastructure investments.
- Incorporation of private entities in governance structures enhances decision-making processes and representation in the energy sector.
Kenya's oil sector has experienced significant transformations in the past year, as major oil producers have exited the market and the government has introduced a new roadmap to revamp the industry. In a recent interview with CNBC Africa, Martin Chomba, the Chairman of Petroleum Outlets in Kenya, shed light on the implications of these changes for stakeholders in the oil sector. The key theme of the discussion centered on the structural adjustments and their impact on investments, infrastructure development, and tender acquisition processes. Chomba highlighted the increased interest and investment in the industry following the exit of minority shareholders and the government's commitment to assuming full ownership of exploration projects. Moreover, the Chairman emphasized the importance of incorporating private entities in governance structures to ensure a balanced decision-making process and fair representation across the energy sector. These developments are set to usher in a new era of growth and opportunity for oil traders and industry players in Kenya.
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