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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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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.