Petroleum Africa
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Wednesday, August 16, 2023
The Kenyan government is looking to divvy up the National Oil Corporation of Kenya (NOCK) into three subsidiaries. The three divisions would cover the petroleum gamut and would consist of an upstream, downstream, and trading entity.
The announcement follows heavy losses from the state parastatal in its fiscal year ending in June 2023.
“Under the proposed turnaround strategy, NOCK will benefit from a partnership that restructures it into three subsidiaries segmented around the petroleum products value-chain,” the Cabinet advised in a memo.
Under the restructuring plan three entities will be created: NOC Upstream will be responsible for upstream oil and gas exploration while NOC Downstream will be in charge of marketing and distribution. NOC Trading will handle the strategic stocks of petroleum products. The move will also include the privatization of NOCK’s fuel stations.
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