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Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)
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Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)

The head of the Energy and Petroleum Regulatory Authority (EPRA) said Tuesday that Kenya extended to December 2024 an oil supply deal with three Gulf-based companies.

"There was an extension up to December 2024, so this is basically arising out of negotiations that have been happening to drive down the freight and the premium (costs)," said Daniel Kiptoo, the head of EPRA.

The deal had helped lower the cost of transporting oil to Kenya and the premium it pays to suppliers, he added.

In mid-March, Saudi Aramco, Emirates National Oil Company (ENOC), and Abu Dhabi National Oil Company (ADNOC) won bids to supply petroleum products to Kenya, a move designed to curb demand for dollars and secure oil imports.

Bloomberg cited Kenya Energy Minster Davis Chirchir as saying that Aramco will supply the African country with diesel for six months, ADNOC will supply Kenya with diesel and jet fuel, and ENOC will supply it with gasoline.

The Trade Development Bank (TDB) provides consultation to Kenya regarding acquiring a credit facility to pay for the fuels.

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.