Government to Government oil deal: What you need to know

"Kenya has already cleared three of the Letters of Credit with a combined value of Sh35,253,183,996"

by WILLIAM WANYOIKE

Sports27 September 2023 - 16:02

In Summary

• Treasury outlined the benefits of the government-to-government deal Kenya entered with four Gulf countries in March for procurement of oil on credit.

• Treasury CS Njuguna Ndung'u said Kenya signed the deal on March 10.

Treasury outlined the benefits of the government-to-government deal Kenya entered with four Gulf countries in March for procurement of oil on credit.

In a statement on Tuesday, Treasury CS Njuguna Ndung'u said Kenya signed the deal on March 10 with Aramco Trading Fujairah FZE (Aramco), Abu Dhabi National Oil Company (ADNOC), Global Trading Ltd and Emirates National Oil Company (Singapore) Private Limited (ENOC).

Ndung'u revealed that Kenya has already cleared three of the Letters of Credit (LC) with a combined value of $238,842,710 (Sh35,253,183,996) before maturity.

These are dual-purpose kerosene procured on March 17 at $72,242,033 (Sh10,662,924,070) and whose maturity is September 29, 2023.