MoneyNewsWorld

Kenya first exported a batch of oil

UNITED STATES, WASHINGTON (OBSERVATORY) — Kenya has shipped crude oil to the world market for the first time in its history, France-Presse (AFP) reported.

This allowed Kenya to become a full member of OPEC.

Oil reserves in Kenya were discovered in 2012 – in the Lokichar Valley in the amount of 560 million barrels of recoverable oil. Oil production began in June 2018. Kenya became the second oil producing country in East Africa after Uganda. Now the country produces 80 thousand barrels of crude oil per day.

The Kenyan government planned to increase oil production to 200 thousand barrels and develop new fields.

The first batch of Kenyan oil in the amount of 200 thousand barrels was bought at an international auction by a Chinese company for $ 12 million and is sent for refining in Malaysia.

“This is a turning point in the history of Kenya,” said President Uhuru Kenyatta, speaking at a ceremony in the port of Mombasa in connection with the dispatch of the first tanker with Kenyan oil. The president also unfurled a national flag aboard a tanker that took on board 200,000 barrels of oil.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY NEWS — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with News Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are NEWS OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.