Why Kenyan farmers need insurance

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Why Kenyan farmers need insurance

Staff Writer - October 2, 2024

For any businessperson, the success of their biashara is a source of pride and joy. However, beyond that, their...

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The National Oil Corporation of Kenya Ltd (NOC) has entered into a strategic partnership with RUBiS Energy Kenya, marking a significant milestone in the enhancement of Kenya's oil and gas sector. This collaboration follows the successful completion of the Specially Permitted Procurement Procedure (SPPP) for a non-equity strategic partner, in compliance with the Public Procurement and Asset Disposal Act, 2015 (PPADA). During the signing of the agreement, Hon. Opiyo Wandayi, Cabinet Secretary for Energy and Petroleum, expressed enthusiasm about the partnership, stating, "This collaboration marks a transformative step in strengthening the National Oil Corporation of Kenya, enhancing its capacity and creating long-term value for the citizens of this great republic. With this renewed profitability, the Corporation will be well-positioned to generate returns and, in the future, begin paying dividends to its shareholder." Leparan Ole Morintat, CEO & Managing Director of NOC, highlighted the industry's challenges, noting, " “This sector is highly complex and capital-intensive, requiring substantial investment and operational flexibility to stay competitive. Given the significant demand for government resources, securing shareholder capital injection was not feasible. As a result, NOC sought a non-equity strategic partner to provide the financial support and technical expertise needed to revitalize the company and restore profitability. This process, initiated in 2019, has now culminated in the selection of RUBiS Energy Kenya as our non-equity strategic partner.” The partnership is a key component of NOC’s broader turnaround strategy, which aims to scale up its downstream operations and strengthen its position in the petroleum products trading and marketing space. NOC’s turnaround plan is designed to ensure security of petroleum supply, stabilize fuel prices, and reduce the cost of living and doing business in Kenya. The partnership will also aid in clearing legacy debts and improving financial sustainability. As a non-equity strategic partner, RUBiS Energy Kenya will provide financial support, working capital financing, market development initiatives, and capital expenditure (CAPEX) financing for rebranding, rehabilitation, and expansion of NOC’s retail network. The partnership also encompasses training, capacity building, skills transfer for NOC staff, the deployment of a new Enterprise Resource Planning (ERP) system to improve business processes and customer experience, and collaboration in the fuel card business to enhance customer engagement and service delivery. Olivier Sabrié, CEO of RUBiS Energie East Africa and Managing Director of RUBiS Energy Kenya, emphasized the importance of strategic partnerships, stating, “In today’s dynamic market environment, collaborations are key to driving growth and success. By leveraging diverse expertise, resources, and networks, we can create a competitive edge and generate value for all stakeholders involved. RUBiS Energy Kenya is committed to supporting the Corporation through working capital financing, management and branding support, and transferring critical capabilities and skills to the National Oil team.”

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An opening fireside chat held during the opening ceremony of the African Energy Week (AEW): Invest in African Energies 2025 conference showcased the value of an Africa-first approach when it comes to the continent’s gas developments. Ministers from Senegal and Ghana discussed how recently-launched projects stand to drive sustainable growth in West Africa, with project developer Kosmos Energy committing to focus on domestic gas opportunities. The opening ceremony was sponsored by Kosmos Energy. In recent years, West Africa has established itself as one of the continent’s most dynamic energy markets. In 2024, Senegal became a global oil and gas producer through the commissioning of the Sangomar oil and gas field and the Greater Tortue Ahmeyim (GTA) developments. The GTA project, developed through a partnership led by BP and Kosmos Energy, boasts an initial capacity of 2.3 million tons per annum (mtpa) in the first phase, with a second phase set to increase output to 5 mtpa. While the project primarily targets exports, its partners are exploring opportunities for the domestic market. Birame Soulèye Diop, Senegal’s Minister of Energy, Petroleum and Mines, stated that, “In Senegal, we have a goal to reach universal access to energy by 2029. Today, we are a country that exports oil and gas. But the cost to access fuel is still high. We would like to produce more for the country so that we can access resources for electricity. With gas, there are a lot of opportunities.” Minister Diop elaborated on the country’s plans to convert operational oil refineries to process gas, aiming to reduce fuel costs and expand access across the country. Kosmos Energy has also shifted its focus towards the domestic market. In addition to GTA, the company is advancing the development of the Yakaar-Teranga project. Targeting a final investment decision in 2025, the project will supply gas for the domestic market, specifically power generation facilities. “Fundamental to the development of Senegal is the use of gas for domestic purposes. That is our next agenda: to work with the ministry to expand the scheme to deliver domestic gas,” said Andrew Inglis, CEO, Kosmos Energy. Regional neighbors serve as a strong example for the role that gas plays in delivering low-cost energy. Ghana, for example, has been highly effective in monetizing gas. John Abdulai Jinapor, Minister of Energy & Green Transition, Ghana, explained that “Gas is an essential commodity. We have a gas-to-power policy, with gas accounting for 90% of our fuel in Ghana. What we have achieved so far can serve as a model for other economies so that African can achieve energy security through gas.” Active in both Senegal and Ghana, Kosmos Energy plays an instrumental part in driving oil and gas projects. Inglis emphasized that aligned national policies and strong public-private partnerships have been fundamental in successfully delivering projects in both countries. He said: “An aligned national agenda is the bed-rock of investment. If you are aligned on intent, then delivery is a lot easier. With both Senegal and Ghana, there is clarity in terms of what the countries need and Kosmos Energy is ready to support that.”

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Tag: Equity agriculture

Why Kenyan farmers need insurance

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