11 Updates
Essar to withdraw from Kenyan refinery project
Photo Credit: , Getty Images

Essar to withdraw from Kenyan refinery project

Oct 13 2013, 3:50am CDT | by IANS

Nairobi, Oct 13 (IANS) After months of controversy and speculation, Indian energy giant Essar Group has announced it is giving up its 50 percent stake in Kenya's oil refinery.

Nairobi, Oct 13 — After months of controversy and speculation, Indian energy giant Essar Group has announced it is giving up its 50 percent stake in Kenya's oil refinery. Essar said its continued...

Filed under: news

YouTube Videos

 
 
 

41 weeks ago

Essar to withdraw from Kenyan refinery project

Oct 13 2013, 3:50am CDT | by IANS

Nairobi, Oct 13 (IANS) After months of controversy and speculation, Indian energy giant Essar Group has announced it is giving up its 50 percent stake in Kenya's oil refinery.

Nairobi, Oct 13 — After months of controversy and speculation, Indian energy giant Essar Group has announced it is giving up its 50 percent stake in Kenya's oil refinery.

Essar said its continued ownership of the Kenya Petroleum Refineries Limited (KPRL) was no longer tenable owing to the huge capital investments needed to continue sustainable operations.

Essar's African subsidiary, Essar Overseas, which is registered in Indian Ocean island of Mauritius, had in 2009 acquired the stake in east Africa's only oil refinery from international oil firms for $2 million. The Kenyan government owns the remaining 50 percent.

Under the sale agreement, the Indian company was to invest a whopping $450 million for upgrading the refinery, said to be unsustainably inefficient owing to its age and obsolete equipment.

"We as Essar Overseas have decided to pull out of this refinery and we intend to sell our 50 percent stake to any willing buyer," Brij Bansal, the company's chief executive, has been quoted as saying.

Bansal said his company had found its continued stay at the KPRL as untenable in the long run, citing the high capital input required to mordernise the refinery.

"Our company (Essar Overseas), will be seeking to exercise its right to sell its shareholding in KPRL and leave the Kenya government free to look for another partner", Bansal added.

Essar had in 2009 bought the stake from global oil firms Shell, BP Africa and Chevron Global after they decided to pull out of the Mombasa-based facility citing high operating costs.

The announcement by Essar comes at a time when it is facing charges of selling oil products at prices higher than the market average by 17 cents a litre.

Demanding that Essar be investigated, Kenyan parliament majority leader Adan Duale had declared: "The company is responsible for the high fuel prices in Kenya by hiking prices of its products by as much as 17 cents a litre."

This comes a few weeks after the Kenyan parliament said it would investigate activities at the refinery, accusing Essar of inflating oil prices and failing to commit cash for the facility's upgrade.

He claimed that Essar had bought its shareholding at a throwaway price and was intent on seeking from the Kenya government a two-year extension of its management contract, which is to expire in 2014.

It has now emerged that the Kenyan government wanted Essar out of the refinery, with the Energy Minister Joseph Njoroge asking the attorney general to advise on ways of terminating the contract over the failure by Essar to commit funds for upgrading the facility.

"Essar Energy will continue to work closely with the Government of Kenya to ensure a smooth transition of ownership," the company said in a statement.

(Maina Waruru can be reached at mainawaruru@gmail.com)

IANS

Source: IANS

 
Update
11

5 hours ago

Senanayake to get help with correcting action

Jul 28 2014 2:00pm CDT | Source: The Nation - Pakistan

COLOMBO: Sri Lanka offspinner Sachithra Senanayake will get help from Daryl Foster, a human movement lecturer at the University of Western Australia, to correct his bowling action. Senanayake was banned from bowling in international cricket by the ICC earlier this month, due to an illegal action. Senanayake will leave for Australia in the ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
10

15 hours ago

Sri Lanka asylum seekers arrive in Australia

Jul 28 2014 4:11am CDT | Source: Euronews

After weeks at sea, a group of 157 Sri Lankan asylum seekers has arrived on Australian soil. The group which had set off from India s ...
Source: Euronews   Full article at: Euronews
 

 
Update
9

6 days ago

Asylum boat ‘disabled by fire’

Jul 21 2014 9:00pm CDT | Source: Herald Sun

A FIRE disabled a vessel carrying 157 Sri Lankans and others who are now being detained on a border protection ship somewhere in the Indian Ocean, documents filed before the H ...
Source: Herald Sun   Full article at: Herald Sun
 

 
Update
8

1 week ago

Kenya: Lamu Hold Anti-Curfew Protests As Duale Tells Muslims to Ignore Kimaiyo Order

Jul 21 2014 1:51am CDT | Source: AllAfrica.com

[The Star]A woman sweeps a street by a mosque in Lamu town, the main settlement in Lamu, an island in the Indian Ocean off the northern coast of Kenya July ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
7

1 week ago

Malaysia Airlines Shares Tank (MAS)

Jul 17 2014 8:54pm CDT | Source: Business Insider

Malaysia Airlines shares were down nearly 16% in Friday trading as markets digested the aftermath of one its planes going down over Eastern Ukraine. U.S. authorities say the Flight MH17, a Boeing 777, was shot down, though it was not yet known by whom. It's not been a good year for the airline, which also saw its stock price suffer in the wake of flight MH370's disappearance over the Indian Ocean this past winter. Shares are down more than 40% over the last 12 months. Here's ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
5

2 weeks ago

Returned Sri Lanka migrants vent fury at Australia

Jul 8 2014 2:00pm CDT | Source: The Nation - Pakistan

GALLE, Sri Lanka : Sri Lankan migrants aboard a boat that was controversially turned back mid-sea by Australia slammed Canberra on Tuesday, claiming they were abused, given little food and water and treated “worse than dogs”. The group of 41 migrants, including four women and nine children, appeared in a court in the southern Sri ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
4

3 weeks ago

Record hash seizure for Combined Task Force 150

Jul 1 2014 3:00am CDT | Source: Combined Maritime Forces

Fresh from setting the record for the largest maritime heroin seizure, HMAS Darwin, operating in support of Combined Task Force 150 (CTF-150) has set another record in the fight against drug smuggling and the funding of terrorism. Over six tons of hashish seized during a recent boarding is displayed on the flight deck of HMAS Darwin, prior to the destruction of the drugs. The drugs, 6,248 kilograms of cannabis resi ...
Source: Combined Maritime Forces   Full article at: Combined Maritime Forces
 

 
Update
3

5 weeks ago

New MH370 search zone by month's end

Jun 18 2014 1:20am CDT | Source: The Standard: China's Business Newspaper

Australian officials will announce the new search zone for missing Malaysia Airlines Flight MH370 by month's end, as mapping of the Indian Ocea ...
Source: The Standard: China's Business Newspaper   Full article at: The Standard: China's Business Newspaper
 

 
Update
2

5 weeks ago

Malaysian 777 Search Missed Most Likely Crash Site 'Hotspot' Says Inmarsat

Jun 17 2014 4:29am CDT | Source: Forbes Real Time

Inmarsat, the U.K. company that received a series of inflight electronic "handshakes" from the missing Malaysian Boeing 777-200 to its satellite network, now says the southern Indian Ocean search has yet to hit what it terms the most likely crash site “hotspot.” In an intervie ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
1

6 weeks ago

Tsunami warning issued as quake hits southern Indian Ocean

Jun 14 2014 2:00pm CDT | Source: The Nation - Pakistan

SYDNEY : A shallow 6.4-magnitude earthquake hit the southern Indian Ocean on Saturday, US seismologists said, prompting Australia to issue a tsunami warning. The US Geological Survey said the quake struck at a depth of seven kilometres (4.4 miles) at 1110 GMT, almost 700 miles northwest of Australia's Cocos Islands, also known as the Keeling Islands. There were no immediate reports of damage o ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Bangladeshi plane catches fire at Nepal airport, passengers safe
Kathmandu, July 28 (IANS) A Bangladeshi aircraft caught fire while landing at Kathmandu's Tribhuvan International Airport (TIA) Monday afternoon, officials said.
 
 
Shift work can worsen asthma, pneumonia
London, July 28 (IANS) A research has found that drugs widely used to treat lung diseases like asthma or pneumonia work better with the body clock.
 
 
Decoded: What triggers sexual arousal in you
New York, July 28 (IANS) Know why just looking at an attractive face stimulates sexual arousal? Well, it takes two to tango!
 
 
Turn your selfie into emoji with this app
New York, July 28 (IANS) Tired of seeing the same yellow-faced smileys? In an age of selfies, how can emojis be far behind?
 
 
 

Latest from the Network

Kutcher-Kunis to wed in July next year?
Los Angeles, July 29 (IANS) Actors Ashton Kutcher and Mila Kunis, who are getting ready to welcome their daughter, have begun to plan for their wedding. "The wedding will be next July. They want to focus on their...
Read more on Celebrity Balla
 
Lady Gaga portraits auctioned
New York, July 29 (IANS) Pop star Lady Gaga's "video portraits" raised over $1 million at an auction at Watermill Center here. Director Robert Wilson put on display "23 Video Portraits of Lady Gaga" series at his...
Read more on Celebrity Balla
 
Kim Kardashian followed by 'crazy driver'
Kim Kardashian claims a ''crazy driver'' followed her around Los Angeles today (07.28.14). The 'Keeping Up with the Kardashians' star hit back at rumors she was pulled over by police officers in Calabasas, California,...
Read more on Celebrity Balla
 
Elizabeth Banks is 'very genetically blessed'
Elizabeth Banks says she is ''very genetically blessed.'' The 'Hunger Games' actress, who has sons Felix, three, and Magnus, 20 months, with husband Max Handleman, insists she only recently realized she is attractive,...
Read more on Celebrity Balla
 
Courteney Cox receives engagement gifts
Johnny McDaid and Courteney Cox received several engagement presents in his native Northern Ireland. The newly-engaged couple were given complimentary souvenirs by excited fans in the city of Derry while exploring the...
Read more on Celebrity Balla
 
Ashton Kutcher and Mila Kunis to wed next July
Ashton Kutcher and Mila Kunis are planning to get married next July. The couple, who got engaged earlier this year and are expecting their first child, have reportedly set a date for their wedding next summer, as they...
Read more on Celebrity Balla
 
India at the 2014 Commonwealth Games Tuesday
Glasgow, July 29 (IANS) The following is the list of Indians who will be seen in action in the 2014 Commonwealth Games Tuesday. Schedule Badminton (Emirates Arena) Men's singles (Round of 64): R.M.V.Gurusaidutt vs...
Read more on Sport Balla
 
Indian medal winners at 2014 Commonwealth Games
Glasgow, July 29 (IANS) The following is the list of Indian medal winners at the 20th Commonwealth Games: Gold Sanjita Khumukchan: women's 48 kg weightlifting Sukhen Dey: men's 56 kg weightlifting Abhinav Bindra: men'...
Read more on Sport Balla
 
Hi-tech machine spews beer for fans mimicking Scot talk (CWG Diary)
Glasgow, July 29 (IANS) Fancy a free beer? Get talking in Scottish! A hi-tech water cooler that talks to visitors and dispenses beer is doing the rounds of the city assessing one's accent and rewarding the best with a...
Read more on Sport Balla