Essar Oil acquires 50% of Kenyan refinery

October 1, 2009

India’s Essar Oil Ltd. acquired a 50% stake in Kenya Petroleum Refineries Ltd. on July 31. Essar’s subsidiary, Essar Energy Overseas Ltd., bought the stake in an 80,000 barrel per day (bpd) refinery in the city of Mombasa from Shell Petroleum Co., Chevron Global Energy Inc. and BP Africa Ltd. The government of Kenya owns the remaining half, with the right to buy back Essar’s shares in the refinery. Essar said it will pay Kenya US$2 million to withdraw its share buyback option. (July 31, 2009)

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