Ruptly
"Kenyan President William Ruto pledged that the government would finance 20% of a proposed East African oil refinery and pipeline project, as the region grapples with an energy crisis linked to the US-Iran conflict and disruptions in the Strait of Hormuz. "We do not want to be held hostage anymore by the Strait of Hormuz. We do not want to be held hostage by wars started by other people," Ruto said during the two-day Africa Forward Summit on Monday. "We have our own resources here, and we are saying we are going to use our African resources to industrialise our region," he asserted The President said the refinery would be jointly developed by the governments of Kenya, Uganda and Tanzania as part of a broader effort to boost regional fuel production and reduce dependence on imported refined petroleum products. "We have the Port of Tanga, the Port of Mombasa and the Port of Lamu, among others. The final location will depend on suitability. From our perspective, since the crude pipeline was planned to go to Tanga, we believe that is the best location," he added. Ruto noted that the project is expected to cost between $16 billion and $20 billion. According to media reports, the proposed refinery could become one of East Africa's largest industrial investments. It is expected to surpass Uganda's joint project with UAE-based Alpha MBM Investments - a $4 billion, 60,000-barrel-per-day refinery in Kabaale, Hoima District, scheduled for completion between late 2029 and early 2030. East and Central Africa currently operate only one refinery, compared with seven in South Africa, 21 across North Africa and 14 in West Africa."
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