Kenya Set to Begin Oil Exportation by January 2017
Kenya is set to begin oil exportation by January 2017 according to the Finance Cabinet Secretary, Henry Rotich.
According to the CS, Kenya aims at exporting at least 2,000 barrels of crude oil until the country completes the construction of an oil pipeline.
CS Rotich said the country is set to get some revenue beginning next year at an opportune time when the country has developed a fully diversified economy coming from various sectors.
Kenya is planning to construct an 865-km oil pipeline from Lokichar oil exploration field in Turkana, Northern Kenya, to the Indian Ocean port of Mombasa.
Although the quantity of Kenya’s oil exports was still low, they were likely to increase with the completion of an oil pipeline, CS Rotich further added.
The CS was speaking during the launch of the IMF Regional Economic Outlook in Nairobi, the IMF projected the oil shock will hit the African economy, cutting growth to a 23-year low of 1.4 percent.
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