MUMBAI: Essar Energy has sold its entire 50% stake in Kenya Petroleum Refineries (KPRL) to the Kenyan government as a part of its strategy to exit non-core businesses, the company promoted by billionaire brothers Shashi and Ravi Ruia said.
“This transaction marks Essar Energy’s complete exit from KPRL—which operates a 4 million tonne oil refinery in Mombasa, Kenya—and is consistent with Essar’s overarching goal of monetizing non-core assets to focus on value creation in its core businesses,” the company said.
Essar Energy acquired stake in KPRL in July 2009 from Shell Petroleum Company, BP plc, and Chevron Global Energy. KPRL will now be 100% owned by the government of Kenya.
Source: Economic Times
