Kenya ready for $3 billion oil finance deal

Kenya has closed a deal with oil multinationals to attract up to $3 billion financing for development of its Turkana petroleum deposits. Kenyan petroleum ministry officials finalized a memorandum that will be marketed to global financiers, in order to have them put money in the country’s oil project.

According to Petroleum Principal Secretary Andrew Kamau, the project information memorandum is being shared with banks that have the size and the appetite to finance the project. “We are looking at 10 banks, both local and international”, Kamau disclosed in an interview with The East African.

The procedure brings Kenya closer to signing the Final Investment Decision (FID), which is the final step towards drilling and commercial production, expected in late 2023 or 2024.

The $3 billion that Kenya is looking for, will be spent on construction of an oil pipeline from Turkana to Lamu as well as development of drilling and storage facilities.

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