President William Ruto has said the ownership and operations of the planned Dangote East Africa Oil Refinery in Lamu will be conducted transparently, with the Government and ordinary Kenyans set to have an opportunity to invest in the project.
Ruto in a statement shared in his social media accounts said the Kenyan Government would take a stake in the refinery, while members of the public would be able to acquire shares through the Nairobi Securities Exchange (NSE).
The President is scheduled to launch the refinery project in Lamu on Wednesday, September 30, as part of his ongoing Coast development tour.
The planned facility is estimated to cost about $16 billion (approximately KSh2 trillion) and is being developed jointly by the Kenyan Government and Nigerian businessman Aliko Dangote.
“The ownership and operations of the Dangote East Africa Oil Refinery, which we will launch tomorrow in Lamu, will be open and transparent,” Ruto said.
He added that the Government would not allow individuals to interfere with genuine foreign investors seeking to establish businesses in Kenya.
“We will not allow conmen and profiteers to sabotage genuine foreign investors seeking to invest in our country as has happened in the past,” he said.
The refinery is expected to process crude from the Lokichar oilfields in Turkana and supply refined petroleum products to Kenya and other regional markets.
The project has been presented by the Government as part of efforts to strengthen energy security, promote industrialisation and create employment.
