By Enyichukwu Enenanna
Report says authorities in Kenya are considering handing over at least 100 fuel stations belonging to the state-owned National Oil Corporation of Kenya (National Oil) to a private investor.
According to Business Daily newspaper, this is part of a structuring process that will see the state-owned company split into three subsidiaries under one holding company.
Although the government will hold two subsidiaries, it will allow the downstream market entity control the fuel stations to be operated profitably by a private investor.
The profits will be split with the investor, who will be sourced from licensed oil marketers locally and abroad, the report said.
The current liabilities of National Oil exceeded current assets by 6.3 billion Kenyan shillings as of June 2021, leaving it “technically insolvent”.
