Move in line with Essar’s goal to monetise non-core assets
Essar Energy Overseas Limited (Essar Energy) today announced that it will sell its 50 percent stake in Kenya Petroleum Refineries Ltd (KPRL) to the Government of Kenya (GoK). The two entities, along with Essar Energy Holdings Limited, have entered into an agreement on the transfer of shares.
This transaction marks Essar Energy’s complete exit from KPRL—which operates a 4 million tonne oil refinery in Mombasa, Kenya—and is consistent with Essar’s overarching goal of monetising non-core assets to focus on value creation in its core businesses.
Essar Energy became a shareholder in KPRL in July 2009 through the acquisition of shares from Shell Petroleum Company Limited, BP plc and Chevron Global Energy, Inc. KPRL will now be 100% held by GoK.
Essar Energy Sells Entire 50% Stake in KPRL to Kenyan Government
