London, Nairobi, 24 June 2016: 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.
About Essar Energy
Essar Energy is a world-class, low-cost, integrated energy company focused in India, UK and other countries positioned to capitalise on the growing demand for energy. It has an established track record and assets worth US$18 billion across the Power and Oil & Gas industries.
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Media Contact:
Manish Kedia, Sr. VP – Corporate Affairs, Essar
Tel.:+91 98197 30092, Email: manish.kedia@essar.com
Ravi Muthreja, VP - Corporate Communications, Essar
Tel.: +91 99301 34566, Email : ravi.muthreja@essar.com
