The impending early oil export plan is not a cash-making venture but aims to test out supply logistics and determine the commodity’s price-point in the global market, the government has said.
Petroleum Principal Secretary Andrew Kamau Wednesday said that the small-scale exports would help determine the price at which global dealers are willing to pay for Kenyan oil.
“The issues of revenue sharing and price break-even point is not relevant at this point. This is no commercial venture,” Mr Kamau said at a press brief ahead of Sunday’s flag off of the first fleet of trucks to transport crude to the seaport for storage.
The announcement comes after the State recently hammered out a deal on oil revenue-sharing with residents of Turkana, where the oilfields are located, unlocking the early export plan that has delayed since mid-last year.
:)I thought they already discussed this years ago.
Surely you mean “moneymaking”.
Money can be made anywhere including from oil wells, your mom’s bedroom, etc. Cash is only made in mints.
TANO TENA
Not everything is a corruption scandal.
Its called, lowering expectations. The 70000 barrels have been in storage for two years in temporary tankers. 24/7 armed security and firemen. It was a security and environment risk. Transport costs from Lodwar to Mombasa on heated trucks is also costly. After deducting costs very little profit remains and that amount was promised will used in Turkana in full. It will help to partly pay for tarmacking the Lokichar - Lodwar road. Its not the oil boom yet until all the pipelines are built, the huge concrete oil tankers and necessary infrastructure are done.
This is another scandal waiting to happen. Already some shady individuals are salivating and crafting ways of “eating the oil”
HI ni kuambia wakenya waketi pale na wanyamaze.
mtaibiwo mshangae. na njaa haitawai isha turkana hata wakimine vibranium
nanok anaambiwa mapema asikuwe na matarajio. uchukue ile tutakupatia na ushukuru, funda wewe. 5% sijui 10% hio sahau…