Kenya Broadcasting Corporation: KENOL
acquires Shell Rwanda: "Kenya Oil Company (KENOL) will assume control of Shell
Rwanda following the signing of an agreement to acquire 100% stake in the
company.": Friday 2 December 2005
By Bonface Mutakha ( Friday, December 02, 2005)
Kenya Oil Company (KENOL) will assume control of Shell Rwanda following the signing of an agreement to acquire 100% stake in the company.
Kenol/Kobil Managing Director Jacob Segman says the deal will enable Kenol consolidate its position in the Great lakes region including Burundi and the Democratic republic of Congo.
Kenol/Kobil already operates subsidiaries in Uganda, Tanzania, Zambia and Ethiopia.
Shell Rwanda which is owned by Dutch company Shell operates a retail network of 17 service stations and an oil terminal with a storage capacity of 16,000 cubic metres.
The acquisition was confirmed by Kenya Shell Managing Director Patrick Obath who said the sale was in line with Shell’s strategy streamline its operations in Africa.
The sale comes barely one month after Shell’s partner, British Petroleum announced plans to divest from Kenya for reasons of managing its portfolio.
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