Kenya Petroleum Refineries Limited has announced that it will upgrade the Mombasa refinery with help of a recently secured loan. Barclays Bank of Kenya has issued the US$ 13.5 million loan. It is projected that the project will require approximately US$ 1 billion worth of funding.
Earlier this month, the general manager of the Ras Lanuf Oil and Gas Processing Company (RACO) said that the Ras Lanuf refinery will be recommencing operations despite heavy fighting in the region. The refinery will not be brought to full capacity, 200 000 bpd.
Arabian Gulf Oil Co. (Agoco) has announced that it will resume operations at its two refineries by the end of September. The refineries have a combined capacity of 30 000 bpd.
A collection of refining companies known as the Ozza Joint Ventures Oil Field Limited are investing US$ 100 million in refining crude oil. This will be carried out in Umuokwo, Ukwa West of Abia State.
It has been announced that N 3.14 billion is needed to complete the Amakpe refinery in Eket, Akwa Ibom. This investment would partly be used to procure stocks for refining once the facility is complete. The project is suffering financially at the moment as the Akwa Ibom government withdrew a portion of its equity capital.
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