By Lisbeth Micheni, Kenya
The Kenyan government has extended its oil supply agreement with three major Gulf companies: Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), and Emirates National Oil Company.
This arrangement allows Kenya to procure petroleum on a 180-day credit basis, significantly easing the strain on the country’s foreign exchange reserves.
In a statement issued after a cabinet meeting on Tuesday, the government said: “The extension of this agreement underscores our commitment to ensuring energy security, stabilising fuel prices, and safeguarding the shilling against external shocks.”
The deal, initially established in March 2023, has been credited with reducing the immediate demand for approximately $500 million in monthly payments for imports, which has helped stabilize the shilling-dollar exchange rate.
The Cabinet’s statement further highlighted that this extension aligns with Kenya’s broader economic stabilization strategy.
Though the exact duration of the extension remains undisclosed, the government emphasised the importance of the partnership in maintaining affordable fuel prices for consumers while fostering economic stability.
categories
recent posts
NIGERIA: Tinubu Urges Governors To Prioritize Food Security, Prosperity
Kenya’s Economic Recovery Gains Momentum In 2025, Says Deputy President Kindiki
Babies Born In 2025 Are Gen Beta – Report
NIGERIA: Peter Obi Denies Merger Talks, Calls For Unity Ahead Of 2027 Elections
