Kenya’s energy industry is set to gain a boost in investment thanks to a first-ever memorandum of understanding with the London Stock Exchange.
The agreement (which was recently signed by Kenyan Cabinet Secretary for Energy and Petroleum, Charles Keter, and CEO of the London bourse, Nikhil Rathi) aims to carry out a commitment from both sides to raise funds for the East African country’s energy sector through public market equity and debt listings.
According to an AFKInsider report, this comes after the discovery of more than 760 million barrels of recoverable oil reserves in south Turkana. Kenya is looking for investors to assist in the construction of a crude oil pipeline from the county’s oilfields to a proposed US$2.1 billion port in Lamu.
Rathi says that with 106 African companies already listed on London markets, the exchange is uniquely placed to work in partnership with the Kenyan government towards this aim.
