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 Corporate - Mergers & Acquisitions
Essar Oil to pick 50% in Kenya co

Coimbatore, Jan. 16

Essar Oil Ltd (EOL) has said that Essar Energy Overseas Ltd, a subsidiary of EOL, has entered into an agreement to acquire 50 per cent stake in Kenya Petroleum Refineries Ltd (KPRL), a 4 million tonnes per annum (MMTPA) refinery in Mombassa, Kenya. The Government of Kenya holds the remaining 50 per cent stake. Essar will acquire the stake from the existing shareholders - Shell, Chevron and BP. Subject to certain conditions, the acquisition is expected to be completed early this year. - Our Bureau

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